Gold futures fall Rs 226 on weak global cues

Monday, Nov 7, 2016,11:43 IST By metrovaartha A A A

New Delhi | Gold futures plunged by 226 to Rs 30,331 per 10 gm on Monday as participants trimmed their positions amid weak global cues.

The precious metal for delivery in December contracts was trading Rs 226 or 0.74 per cent lower at Rs 30,331 per 10 gram in a business turnover of 507 lots at the Multi Commodity Exchange.

On similar lines, the metal for delivery in far-month February was trading lower by Rs 211 or 0.69 per cent to Rs 30,306 per 10 gram in 18 lots.

Market analysts attributed the fall to a weak trend overseas amid positive developments on the US election front as the FBI said Hillary Clinton would not face charges over her use of a private e mail server, strengthening the dollar and reducing appeal of the precious metal as a safe-haven.

Meanwhile, gold prices in global market fell as much as 0.96 per cent to USD 1,291.50 an ounce in Singapore on Monday.