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.

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.

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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.