Gold futures fall Rs 96 on weak global cues

Gold drifted lower by Rs 96 to Rs 31,401 per 10 grams in futures trade today as participants scaled down their positions, largely in tandem with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month October was trading lower by Rs 96, or 0.30 per cent, at Rs 31,401 per 10 grams in a business turnover of 1 lot.

Gold for delivery in August too fell by Rs 75, or 0.24 per cent to Rs 31,141 per 10 grams in a business volume of 241 lots.

Analysts said a weak trend prevailed in the overseas market where gold dropped, weighed down by a stronger dollar and a likely interest rate hike by the US Federal Reserve, eroding demand for the precious metal as a safe haven.

 

Globally, gold fell 0.28 per cent to USD 1,296.30 an ounce in Singapore.