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Gold futures fall Rs 96 on weak global cues

Press Trust of India  |  New Delhi 

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 as a safe haven.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 12 2018. 11:00 IST