Gold futures down on global cues

Gold futures prices fell by 0.33 per cent to Rs 30,952 per 10 grams as speculators reduced their positions, taking weak cues from overseas. At the Multi Commodity Exchange, gold for delivery in far-month February down Rs 104, or 0.33 per cent, to Rs 30,952 per 10 gram in a business turnover of 3,346 lots.

Also Read: Gold bounces on US dollar but near four-month low Similarly, the metal for delivery in April fell by Rs 98, or 0.31 per cent, to Rs 31,374 per 10 grams in 168 lots. Market analysts attributed the fall in gold futures prices to a weak trend overseas where it dropped to the lowest in more than three months as signs that US lawmakers may be closer to a budget deal boosted equities and reduced demand for the metal as an alternative asset. Meanwhile, gold fell 1.6 per cent to USD 1,670.70 an ounce in New York last yesterday after dipping to USD 1662, the lowest level since August 31.