Gold futures drop to Rs. 31,180 on weak global cues

Mumbai-India (Sept 27)  Amid a weak global trend, gold futures traded lower by Rs. 148 at Rs. 31,180 per 10 gram as speculators trimmed their positions.

Gold for delivery in October dropped Rs. 148 or 0.47 per cent to Rs. 31,180 per 10 gram in a business turnover of 1,034 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month December was trading down Rs. 141, or 0.45 per cent, to Rs. 31,310 per 10 gram in 176 lots.

The fall in gold futures was mostly in step with a weak trend overseas after its biggest weekly advance in two months, as the dollar erased losses, dimming the metal’s appeal as an alternative investment, analysts said.

Meanwhile, gold prices fell 0.21 per cent to $1,334.70 an ounce in Singapore today after a 2.1 per cent gain last week, the most since the period to July 29.

Source: BusinessLine