LM:Gold futures down over 1% on weak global cues, higher rupee
New Delhi: Gold futures prices on Tuesday fell by 1.06% to Rs31,291 per 10 grams as speculators offloaded their positions in tandem with a weak global trend amid strengthening rupee.
At the Multi Commodity Exchange, gold prices for delivery in far-month December fell by Rs334, or 1.06%, to Rs31,291 per 10 grams in business turnover of 92 lots.
Similarly, metal prices for delivery in October declined by Rs327, or 1.04%, to Rs 31,213 per ten grams in 1,269 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas on speculation that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand.
Besides, strengthening rupee, making imports of dollar-quoted precious metal cheaper, also helped gold to trade lower, they said. Meanwhile, gold prices fell 0.8% to $1,375.81 an ounce in Singapore.
