Gold futures tumble on global cues

Gold futures prices tumbled by Rs 137 to Rs 19,541 per 10 grams today, as speculators reduced their positions on the back of weakening global trend.

At the Multi Commodity Exchange, gold for delivery in February tumbled by Rs 137, or 0.70 per cent, to Rs 19,541 per 10 grams, with a business turnover of six lots.

Similarly, the metal for delivery in April dropped by Rs 124, or 0.62 per cent, to Rs 19,791 per 10 grams, with a business turnover of 11 lots.

Market analysts said speculators reducing their positions in tandem with weakening global trend mainly pulled down gold futures prices. 

Meanwhile, gold fell 0.4 per cent to $1,308.25 an ounce, the lowest level since October 1 in Asia.