 "Gold down by 0.8% in futures trade on weak global cues")
Gold prices drifted Rs 245 to Rs 31,303 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.
In futures trading, gold for delivery in August was trading Rs 245 or 0.78% down at Rs 31,303 per 10 gram at the Multi Commodity Exchange with a business turnover of 1,490 lots.
The metal for delivery in October plunged by Rs 228 or 0.72% to Rs 31,638 per 10 gram in 49 lots.
Globally, gold lost 0.6% to $1,316.320 an ounce in Singapore.
In futures trading, gold for delivery in August was trading Rs 245 or 0.78% down at Rs 31,303 per 10 gram at the Multi Commodity Exchange with a business turnover of 1,490 lots.
The metal for delivery in October plunged by Rs 228 or 0.72% to Rs 31,638 per 10 gram in 49 lots.
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Analysts said a weak trend in the overseas markets where gold dropped after posting the biggest two-day gain in more than seven years following the UK's vote to exit from the European Union and profit-booking by speculators, weighed on gold futures.
Globally, gold lost 0.6% to $1,316.320 an ounce in Singapore.