Gold Futures Fall on Global Cues, Weak Spot Demand

New Delhi: Gold prices fell by 0.68 percent to Rs.31,299 per 10 grams in futures trade as speculators offloaded positions on the back of lower global trend amid subdued spot demand at prevailing higher levels.

Sentiment turned bearish as gold fell in global markets on a firmer dollar after it rallied to the highest level in six months.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs.207, or 0.68 percent, to Rs.31,299 per 10 grams, with a business turnover of 2,965 lots.

Similarly, the metal for delivery in December declined by Rs.195, or 0.61 percent, to Rs.31,608 per 10 grams in 508 lots.

Marketmen said speculators offloaded their positions in tandem with a weak trend in overseas market which mainly led to the fall in gold prices at futures trade.

Besides, a weak trend at the domestic spot markets on subdued demand at current levels too put pressure, they said.

Meanwhile, gold lost 0.69 percent to USD 1,760.80 an ounce in Singapore.

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