Gold futures down on weak global cues

Gold futures prices moved down by 0.14% to Rs 30,290 per 10 grams today, after participants off-loaded partial positions, taking weak cues from the global market as a rally in global stocks curbed demand for the metal as an alternative investment.

 

At the Multi Commodity Exchange, gold for delivery in December eased by Rs 42, or 0.14%, to Rs 30,290 per 10 gm in business turnover of 117 lots.

 

Likewise, the metal for delivery in February next year shed Rs 37, or 0.12%, to Rs 29,796 per 10 gm in five lots.

 

Market analysts said a weak trend in the overseas markets as a rally in global stock market curbed demand for the precious metal as an alternative investment, mainly weighed on the gold prices at futures trade here.

 

Globally, gold fell 0.3% to $1,286.89 an ounce in Singapore today.