Gold futures fall 0.51% on weak global cues

Gold prices drifted lower by 0.51 per cent to Rs 31,069 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend.
At the Multi Commodity Exchange, gold for delivery in October month fell Rs 159, or 0.51 per cent to Rs 31,069 per ten grams in business turnover of 5,330 lots.
Likewise, the yellow metal for delivery in December contracts traded lower by Rs 143, or 0.45 per cent to Rs 31,379 per ten grams in 156 lots.
Market analysts attributed the fall in prices to weak trend overseas where gold fell to the lowest level in a week after Friday's US jobs report showed strength in the labor market and raised bets the Federal Reserve will boost interest rates this year.

Meanwhile, gold fell 0.3 per cent to USD 1,331.56 an ounce, after touching the lowest price since July 29 in London.