Gold down Rs 78 in futures trade on weak global cues

Gold prices drifted lower by Rs 78 to Rs 31,292 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 October was trading Rs 78 or 0.25 per cent down at Rs 31,292 per 10 gram at the Multi Commodity Exchange with a business turnover of 578 lots.
The metal for delivery in far-month December fell by Rs 75 or 0.24 per cent to Rs 31,548 per 10 gram in 15 lots.
Analysts said trimming of positions by traders, tracking a weak trend in the overseas markets, mainly weighed on gold futures.

Globally, gold lost 0.06 per cent to USD 1,336.10 an ounce in Singapore.