Gold futures down 0.11 pc on weak global cues

Gold prices declined by 0.11 per cent to Rs 30,740 per 10 grams in futures trade today as participants pared their bets, tracking a weak movement overseas.

At the Multi Commodity Exchange, gold for delivery in far-month October was down Rs 34, or 0.11 per cent, to Rs 30,740 per 10 grams in a business turnover of 2 lots.

Similarly, the metal for delivery in August contract was trading lower by Rs 30, or 0.10 per cent, to Rs 30,478 per 10 grams in 2 lots.

Analysts attributed the fall in prices to a weak trend overseas and profit-booking by speculators.

Meanwhile, gold dropped 0.29 per cent to USD 1,248 an ounce in Singapore.