Gold futures down 0.61% on global cues, profit booking

NEW DELHI: Gold futures prices today fell by 0.61 per cent to Rs 31,200 per 10 gram as speculators offloaded their positions, taking cues from the global market.

Besides, profit-booking by speculators also put pressure on gold futures.

At the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 193, or 0.61 per cent, to Rs 31,200 per 10 grams in business turnover of 16 lots.

Similarly, metal prices for delivery in October declined by Rs 173, or 0.55 per cent, to Rs 31,271 per 10 gram in 393 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as investors weighed the minutes of the US Federal Reserve's last meeting, which reinforced expectations that stimulus will be tapered amid strengthening dollar, reducing appeal for the precious metal as an alternative investment .

Globally, gold prices fell 0.8 per cent to trade at $1,355.30 an ounce in Singapore.

PTI