Gold down Rs 149 in futures trade as global cues hurt

Gold prices drifted lower by Rs 149 to Rs 31,166 per 10 grams in futures trade today as participants lightened their positions, largely in step with a weak trend overseas.

In futures trading, gold for delivery in August contract was trading Rs 149 or 0.48 per cent down at Rs 31,166 per 10 grams at the Multi Commodity Exchange with a business turnover of 1,084 lots.

The metal for delivery in October shed Rs 146 or 0.46 per cent to Rs 31,456 per 10 grams in 118 lots.

Analysts said a weakening trend in the overseas markets where gold declined on signs that policy makers will seek to minimize the impact on global growth from the UK's decision to leave the European Union, mainly weighed on the precious metal prices at futures trade here.
 

Globally, gold fell 0.4 per cent to USD 1,317.35 an ounce in Singapore.