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Gold Futures Stays Weak, Drops 0.36% on Global Cues

Tracking a weak global trend, gold prices drifted further lower by 0.36 per cent to Rs 29,335 per 10 grams in futures trading today as speculators trimmed their positions. At the Multi Commodity Exchange, gold for delivery in August fell by Rs 105, or 0.36 per cent to Rs 29,335 per ten grams in business turnover of 792 lots.

On similar lines, the metal for delivery in October month contracts was trading lower by Rs 103, or 0.35 per cent to Rs 29,463 per ten grams in 5 lots.

Market analysts said offloading of positions by participants in line with a weak trend overseas, mainly kept gold prices down at futures trade.

Globally, gold fell 0.13 per cent to USD 1,285.10 an ounce in Singapore.

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