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Gold futures fall 0.57 pc on global cues

New Delhi, Aug 30, 2013 (PTI):
Tracking a weak global trend, gold prices fell by 0.57 per cent, to Rs 33,438 per 10 grams in futures market today as speculators indulged in trimming positions.

At the Multi Commodity Exchange, gold for delivery in far-month December fell by Rs 193, or 0.57 per cent, to Rs 33,438 per 10 grams in business turnover of 12 lots.

Similarly, the yellow metal for delivery in October lost Rs 174, or 0.52 per cent, to Rs 33,476 per 10 grams in 305 lots.

Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus.

Besides, a weak trend at the domestic spot market due to subdued demand at prevailing levels also weighed on prices, they said.

Meanwhile, gold in Singapore dropped 0.40 per cent to 1,402.65 dollar an ounce.

 

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