Gold futures marginally lower on global cues

Stronger dollar curbs demand for the metal as an alternative investment

Gold prices fell marginally by Rs 56 to Rs 29,601 per 10 grams in futures trade today as speculators trimmed positions amid a weak trend overseas.

At the Multi Commodity Exchange, the August contract for gold traded marginally lower by Rs 56, or 0.19%, to Rs 29,601 per 10 grams, with a business turnover of 1,108 lots.

The October delivery for the yellow metal shed Rs 54, or 0.18%, to Rs 29,909 per 10 grams, with a turnover of 31 lots.

Marketmen attributed the weakness in gold at futures trade to a weak trend in overseas markets as a stronger dollar curbed demand for the metal as an alternative investment.

 

Meanwhile, gold declined 0.2% to $1,580.78 an ounce in London yesterday.