Gold futures tumble 1% on weak global cues

Gold futures for April fell Rs 316, or 1.06%, to Rs 29,263 per 10 grams in 12,794 lots.

At the Multi Commodity Exchange (MCX), the June contract dropped Rs 315, or 1.04%, to Rs 29,801 per 10 grams in 920 lots.

Prices tumbled due to heavy selling by speculators.

Gold in global markets felling for the seventh day, slumping to the lowest level since July affected the Gold futures trade here.

In Singapore, Gold fell 0.60% to $1,555.55 an ounce, the lowest since July 12.