Gold futures slip 0.50% on global cues

Gold prices slipped by 0.50 percent to Rs 31,900 per 10 grams in futures trade Monday after participants trimmed positions, taking weak cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month June fell by Rs 160, or 0.50 percent, to Rs 31,900 per ten grams in business turnover of 105 lots.

Gold to be delivered in April month also fell by Rs 159, or 0.50 percent to quote at Rs 31,667 per ten grams in 965 lots. Market Analysts said off-loading of positions by traders, tracking a weak trend overseas as equity markets gained and the dollar steadied ahead of a US Federal Reserve policy meeting later this week, weighed on gold prices in futures trade.

Meanwhile, gold prices fell 0.31 percent to USD 1,299.30 an ounce in New York on Monday.