Gold futures fall 0.30% on weak global cues

Gold prices fell by 0.30 per cent to Rs 31,330 per ten gram in futures trade today as speculators trimmed positions, tracking a weak global trend.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 94 or 0.30 per cent to Rs 31,330 per ten grams in business turnover of 6 lots.

The metal for delivery in August contracts traded lower by Rs 91 or 0.29 per cent to Rs 30,859 per ten grams in 634 lots.

Analysts attributed the fall in gold futures to a weak global trend where the precious metal was on track for the first weekly drop since May as risk appetite returned and investors turned away from haven assets including bullion and the yen, amid record highs for US shares.
 

Meanwhile, gold fell 0.6 per cent to USD 1,326.96 an ounce in Singapore.