Gold futures slip on weak Asian cues

Gold prices fell by Rs 62 to Rs 20,610 per ten gram in futures trade today, as speculators reduced their positions on the back of weakening global trend.

Trading sentiment turned bearish after gold declined and Asia as signs the US economic recovery is gaining strength, which boosted dollar, reducing the precious metal's appeal.

At the Multi Commodity Exchange counter, gold for February fell by Rs 62, or 0.30 per cent to Rs 20,610 per ten grams, with an open interest of four lots.

Similarly, the metal for delivery in April declined by Rs 57, or 0.27 per cent to Rs 20,806 per ten gram, with a business turnover of three lots. 

Market analysts said besides weakening trend in Asian markets, fall in demand in the spot market at existing higher levels led to a decline in gold prices at futures trade.

Meanwhile, the gold lost 0.2 per cent to $1,393.35 an ounce in Singapore.