Gold futures down on weak global cues

Gold prices fell 0.19% to Rs 29,711 per 10 gm in futures trade on Monday, as participants reduced their positions largely in tandem with a weak trend overseas amid profit-booking.

Gold prices fell 0.19% to Rs 29,711 per 10 gm in futures trade on Monday, as participants reduced their positions largely in tandem with a weak trend overseas amid profit-booking.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 56, or 0.19%, in business turnover of 427 lots.

Likewise, the metal for delivery in far-month August shed Rs 52, or 0.17%, to Rs 30,168 per 10 gm in 7 lots.

Market analysts said a weakening trend in the overseas markets as investors cut holdings and dollar advanced and curbing demand for the metal as an alternative asset, mainly weighed on the gold prices at futures trade here.

Globally, gold fell 0.3% to USD 1,575.83 an ounce in Singapore on Monday.