Gold futures remain weak on global cues

Gold remained weak and prices dipped further by 0.41 per cent to Rs 29,012 per 10 gram in futures trade today as speculators engaged in reducing their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in June fell by Rs 119, or 0.41 per cent to Rs 29,012 per ten grams in business turnover of 348 lots.
On similar lines, the metal for delivery in August contracts traded lower by Rs 100, or 0.34 per cent to Rs 29,135 per ten gram in 1 lot.
Analysts said offloading of positions by traders in tandem with a weak trend overseas mainly influenced gold prices at futures trade.

Globally, gold fell 0.27 per cent to USD 1,272.60 an ounce in Singapore.