Gold futures fall 0.24% on global cues

Monday, Aug 29, 2016,11:56 IST By metrovaartha A A A

New Delhi | Gold prices drifted lower by 0.24 per cent to Rs 30,916 per 10 grams in futures trade Monday as participants trimmed their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in October month fell by Rs 74, or 0.24 per cent to Rs 30,916 per ten grams in business turnover of 240 lots.

Similarly, the yellow metal for delivery in December contracts declined by Rs 76 or 0.24 per cent to Rs 31,100 per ten grams in 11 lots.

Analysts said a weakening trend in the overseas markets where gold dropped for a seventh straight day, heading for the longest run of declines since May as comments from leading central bankers boosted speculation that interest rates may rise in coming months influenced sentiment here.

Globally, gold lost 0.4 per cent to USD 1,316.09 an ounce the lowest since July 27 in Singapore.