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Gold futures decline on global cues

Tracking a weakening global trend, gold futures prices declined by Rs 45 to Rs 27,945 per 10 grams today as speculators offloaded their positions.

business Updated: Jan 30, 2012 16:35 IST

Tracking a weakening global trend, gold futures prices declined by Rs 45 to Rs 27,945 per 10 grams on Monday as speculators offloaded their positions.

Trading sentiment turned bearish after gold declined from a seven-week high in global markets as European Union leaders prepared to gather for their first debt-crisis summit of the year, boosting the dollar.

At the Multi Commodity Exchange, gold for delivery in February declined by Rs 45, or 0.16%, to Rs 27,945 per 10 grams, with a business turnover of 6,538 lots.

Likewise, the metal for delivery in April shed Rs 36, or 0.13%, to Rs 28,348 per 10 grams, with a business turnover of 3,204 lots.

Marketmen said gold futures prices declined due to a weakening global trend.

Gold lost 0.4% to USD 1,731.65 an ounce in Singapore.