Gold futures down on global cues
Gold futures prices today fell by Rs 39 to Rs 29,180 per 10 gm as speculators offloaded their positions largely in tune with a weakening trend overseas.
At the MCX, gold for delivery in August fell by Rs 39, or 0.13%, to Rs 29,180 per 10 gm in a business turnover of 1,854 lots.
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The June contract moved down by Rs 32, or 0.11%, to Rs 28,827 per 10 gm in business turnover of 2,873 lots.
Market analysts said speculators offloaded their positions in tandem with a weak trend in overseas market on concern that the debt crisis in Europe is escalating strengthened the dollar, reducing appeal of the precious metal, mainly led to the fall in gold prices at futures trade.
In Singapore, gold lost as much as 0.20% to $1,552.02 an ounce in early trade today in Singapore.