Gold futures down 0.30 per cent on weak global cues

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Gold futures prices on Friday fell by 0.30 per cent to Rs 26,064 per 10 grams as speculators offloaded their positions in tandem with a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in August fell by Rs 79, or 0.30 per cent, to Rs 26,064 per 10 grams in business turnover of 1,660 lots.

Similarly, metal prices for delivery in October declined by Rs 67, or 0.26 per cent, to Rs 26,174 per ten grams in 56 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas ahead of US jobs data that may add to signs of improving economy, fuelling speculation that the Federal Reserve will scale back monetary stimulus.

Besides, strengthening dollar also putting pressure on gold prices, they said.

Meanwhile, gold prices fell 0.6 per cent to USD 1,242.50 an ounce in Singapore.


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Keywords:Gold futures prices, grams , global trend, Multi Commodity Exchange, gold prices,business ,Market analysts, US jobs data , economy, fuelling speculation