Gold falls Rs 126 as weak global cues hurt

Gold prices were down by Rs 126 to Rs 29,387 per 10 grams in futures trade today as participants cut down their holdings amid a weak trend overseas.
At Multi Commodity Exchange, gold for delivery in far-month August was trading lower by Rs 126, or 0.43 per cent, at Rs 29,387 per 10 grams, in a business turnover of 14 lots.
Also, the metal for delivery in June shed Rs 112, or 0.38 per cent, to Rs 29,224 per 10 grams in 406 lots.
Analysts said there is a weakening trend in the overseas markets, weighed on the precious metal prices at futures trade here.

Besides, profit-booking at the prevailing levels too attributed fall in the precious metal prices, they said.
Globally, gold fell 0.28 per cent to USD 1,252.20 an ounce in Singapore.