Gold down Rs 38 in futures trade on weak global cues

Gold prices drifted lower by Rs 38 to Rs 32,320 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 far-month October was trading Rs 38 or 0.12 per cent down at Rs 32,320 per 10 gram at the Multi Commodity Exchange with a business turnover of 34 lots.
The metal for delivery in August too fell by Rs 30 or 0.09 per cent to Rs 31,851 per 10 gram in 458 lots.
Analysts said a weak trend in the overseas markets where gold dropped as investors turned their focus to a US jobs report that will shed light on the health of the labor market in the world's top economy, weighed on gold futures.

Globally, gold lost 0.4 per cent to USD 1,354.69 an ounce in Singapore.