Gold futures decline on global cues

Tracking a weak global trend, gold prices declined by Rs 44 to Rs 31,470 per 10 grams in futures trade today as speculators trimmed positions. Sentiment turned bearish after gold dropped to a one-week low in global markets as commodities fell on speculation that the euro-zone debt crisis will continue to damp demand for raw materials.

At the Multi Commodity Exchange, gold for delivery in March declined by Rs 44, or 0.14 per cent, to Rs 31,470 per 10 grams, with a business turnover of 221 lots. Similarly, the metal for delivery in December shed Rs 42, or 0.13 per cent, to Rs 31,125 per 10 grams, with a business turnover of 7,716 lots. Marketmen attributed the fall in gold futures to a weak global trend. Meanwhile, gold fell by 0.8 per cent to USD 1,766.80 an ounce, the lowest since October 1 in Singapore.