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Gold futures down on global cues

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Gold futures down on global cues
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New Delhi: Gold futures prices Tuesday fell by 0.34 per cent to Rs 31, 386 per 10 grams as speculators reduced their positions, taking weak cues from overseas.

At the Multi Commodity Exchange, gold for delivery in far- month February down Rs 107, or 0.34 per cent, to Rs 31,386 per 10 gram in a business turnover of 2,774 lots.

Similarly, the metal for delivery in April fell by Rs 98, or 0.31 per cent, to Rs 31,795 per 10 grams in 125 lots.

Market analysts attributed the fall in gold futures prices to a weak trend overseas where it dropped for the first time in four days as some investors sold the metal after prices climbed to a one-week high amid speculation the US Federal Reserve will expand monetary stimulus to boost the economy.

Meanwhile, gold fell 0.4 per cent to USD 1,706.95 an ounce in Singapore in early trade today.

PTI

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