Gold down 0.7% on global cues

Metal for delivery in February last year shed 0.62%

Gold prices moved down by 0.71% to Rs 29,637 per 10 grams in futures trade today after participants offloaded partial positions, taking weak cues from the global market.

 

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 211, or 0.71%, to Rs 29,637 per 10 grams in business turnover of 329 lots.

 

Likewise, the metal for delivery in February next year shed Rs 131, or 0.62%, to Rs 29,025 per 10 grams in 36 lots.

 

Market analysts said a weak trend in the overseas markets as the accord between Iran and world powers damped demand for haven assets, while holdings in exchange-traded products extended declines, mainly weighed on gold prices at futures trade here.

 

Globally, gold fell 0.5% to trade at nearly four-month low of $1,237.45 an ounce in Singapore.