Gold prices weak in futures trade on global cues

Gold

Gold futures prices today fell by 0.35 per cent to to Rs 31,469 per 10 gm, extending yesterday's losses as speculators engaged in reducing their positions, taking weak cues from the global market amid slackened demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 110, or 0.35 per cent, to Rs 31,469 per 10 gm in a business turnover of 542 lots.

Similarly, the metal for delivery in February fell by Rs 112, or 0.35 per cent, to Rs 31,830 per 10 gm in 573 lots.

Market analysts attributed the continued fall in gold futures prices to a weak trend overseas after US lawmakers failed to agree on a budget, raising concern that commodity demand may drop.

Besides, fall in spot demand at domestic markets also kept pressure on the precious metal prices, they added.

Meanwhile, gold eased at USD 1,719.50 an ounce in New York in yesterday's trade.

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