Gold futures weaken on global cues, low spot demand

Snapping a long winning streak, gold futures prices fell by 0.32 per cent, to Rs 19,718 per 10 gram today, largely in tandem with weak trend overseas amid slackened spot demand at prevailing prices.

At the Multi Commodity Exchange counter, gold for delivery in February fell by Rs 63, or 0.32 per cent to Rs 19,718 per 10 gram, with a business turnover of two lots.

The metal for delivery in December fell by Rs 55, or 0.28 per cent, to Rs 19,537 per 10 gram, with a business turnover of four lots.

Analysts said weakening trend in overseas markets due to strong dollar reduced its appeal as an alternative investment and fall in demand at current levels in domestic markets, mainly weighed on the precious metal futures prices.

 

Globally, gold fell by $6.20, or 0.46 per cent to $1,334.10 an ounce in the Asian region.