Gold futures fall Rs 38 on weak global cues

Amid a weakening global trend, gold futures today traded lower by Rs 38 at Rs 30,940 per 10 gram as speculators trimmed their positions.
Gold for delivery in October dropped Rs 38, to Rs 30,940 per 10 gram, in a business turnover of 635 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month December was trading down by Rs 23, to Rs 31,071 per 10 gram, in 85 lots.
The fall in gold futures was mostly in step with a weak trend overseas where it lost the most in more than a month as a surge in the US consumer confidence and gains in the dollar diminished demand for the metal as a store of value, analysts said.

Meanwhile, gold prices dropped 1 per cent, to close at USD 1,330.40 an ounce in New York yesterday.