Gold futures down over Rs 300

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New Delhi: Gold futures prices on Tuesday fell by 1.06 percent to Rs 31,291 per 10 grams as speculators offloaded their positions in tandem with a weak global trend amid strengthening rupee.

At the Multi Commodity Exchange (MCX), gold prices for delivery in far-month December fell by Rs 334, or 1.06 percent, to Rs 31,291 per 10 grams in business turnover of 92 lots.

Similarly, metal prices for delivery in October declined by Rs 327, or 1.04 percent, to Rs 31,213 per ten grams in 1,269 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas on speculation that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand.

Besides, strengthening rupee, making imports of dollar-quoted precious metal cheaper, also helped gold to trade lower, they said. Meanwhile, gold prices fell 0.8 percent to USD 1,375.81 an ounce in Singapore.

PTI

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