Gold futures weaken on sluggish demand, global cues

New Delhi: Gold prices weakened by Rs 33 to Rs 30,761 per 10 grams in futures trading Thursday, as speculators trimmed their positions on sluggish demand in the spot market amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in February weakened by Rs 33, or 0.11 per cent to Rs 30,761 per 10 grams in business turnover of 5315 lots.

Similarly, the metal for April contract lost Rs 30, or 0.10 per cent, to Rs 31,389 per 10 grams in 427 lots.

Market analysts said besides a sluggish spot demand, weak global trend on strengthening of the US dollar sapped demand for gold as an alternative investment, which led to the fall in the futures prices of the precious metal.

Meanwhile, gold dropped 0.2 per cent to USD 1,654.10 an ounce in Singapore.

PTI