Gold futures decline on weak global cues

Gold futures prices today fell by 0.19 per cent to Rs 31,010 per 10 grams as speculators reduced exposures amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 58, or 0.19 per cent, to Rs 31,010 per 10 grams, with a business turnover of 1,743 lots.

Similarly, the metal for delivery in February moved down by Rs 57, or 0.18 per cent, to Rs 31,355 per 10 grams, with a business turnover of 360 lots.

Globally, spot gold fell as much as 0.2 per cent to USD 1,725 an ounce in Singapore.

Marketmen said a weak trend in global markets ahead of policy-setting Federal Open Market committee meets from today amid signs that the US economy is improving, reducing demand for bullion as an alternative investment, mainly kept pressure on gold futures here.

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