Gold futures down on sluggish spot demand, global cues

Gold prices moved down by Rs 46 to Rs 29,343 per ten grams in futures trade today as speculators offloaded their positions, driven by sluggish demand in the spot market amid a weak global trend.

Gold prices moved down by Rs 46 to Rs 29,343 per ten grams in futures trade on Friday as speculators offloaded their positions, driven by sluggish demand in the spot market amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in April month moved down by Rs 46, or 0.16%, to Rs 29,343 per ten grams in business turnover of 11,175 lots.

Similarly, the yellow metal for delivery in June contract shed Rs 31, or 0.10% to Rs 29,906 per ten grams in 951 lots.

Market analysts said speculators offloaded their positions on the back of sluggish demand in the spot market mainly led the fall in gold prices at futures trade.

They said weak global trend also influenced the sentiment.

Meanwhile, gold fell by 0.02% to 1,578.30 dollar an ounce in London.