Gold prices down in futures trade on global cues

Dec 27 2012, 11:52 IST
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SummaryGold futures prices today fell by Rs 37 to Rs 30,661 per 10 gm.

Gold futures prices today fell by Rs 37 to Rs 30,661 per 10 gm largely in tandem with weakening trend in the global markets amid subdued demand in spot markets.

At the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 37, or 0.12 per cent, to Rs 30,661 per 10 gm in a business turnover of 1,204 lots.

Similarly, the metal prices for delivery in April fell by Rs 31, or 0.10 per cent, to Rs 31,090 per 10 gm in 62 lots.

Market analysts attributed the fall in gold futures

prices to a weak trend overseas as some investors sold the metal amid negotiations between US lawmakers to strike a budget deal before the end of the year.

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

Meanwhile, gold eased by 0.40 per cent to trade at USD 1,653.55 an ounce in Singapore.

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