Gold falls by 0.3% in futures trade on weak global cues

Gold prices fell Rs 86 to Rs 29,505 per 10 grams in futures trade today as participants reduced their positions, largely in line with a weak trend overseas.

At Multi Commodity Exchange, gold for delivery in far-month contract was trading lower by Rs 86 or 0.29% at Rs 29,505 per 10 grams in a business turnover of 9 lots.

Also, the metal for delivery in April shed Rs 73 or 0.25% to Rs 29,266 per 10 grams in 466 lots.

Analysts said weakening trend in the overseas markets where gold retreated as stocks extended gains and the US posting a better-than-expected jobs data, reduced demand for the safe-haven, weighed on the precious metal in the futures trade here.
 
Globally, gold fell 0.1% to $1,238.25 an ounce in Singapore.