Gold futures drop Rs 63 on weak global cues

Tuesday, Jul 26, 2016,13:01 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures traded Rs 63 down at Rs 31,188 per 10 gram Tuesday as speculators reduced their positions.

Gold for delivery in far-month October dropped by Rs 63 or 0.20 per cent to Rs 31,188 per 10 gram in a business turnover of 26 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in August shed Rs 62 or 0.20 per cent to Rs 30,845 per 10 gram in 314 lots. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as a stronger dollar and rebound in equities cut demand for the safe haven.

Meanwhile, gold prices fell by 0.51 per cent to USD 1,315.30 an ounce in New York yesterday.