Gold futures decline on global cues

Gold futures prices declined by Rs 44 to Rs 20,422 per 10 grams in futures trade today, as speculators reduced their holding on the back of weakening global trend.

At the Multi Commodity Exchange counter, gold for delivery in February declined by Rs 44, or 0.21 per cent, to Rs 20,422 per 10 grams, with a business turnover of two lots.

Likewise, the metal for delivery in April lost Rs 39, or 0.19 per cent, to Rs 20,635 per 10 grams, with a business turnover of just one lot.

Market analysts said beside weakening global trend, fall in demand in the spot market at existing higher levels also influenced the gold futures prices.

Meanwhile, gold fell 0.3 per cent, to $1,374.10 an ounce in Seoul.