Gold futures soften on weak global cues

TIL Desk/Business/New Delhi-Gold futures today fell 0.16 per cent to Rs 31,026 per 10 gram as speculators reduced their bets amid a weak global trend.

In futures trading at the Multi Commodity Exchange, gold for delivery in October fell Rs 49, or 0.16 per cent, to Rs 31,026 per 10 gram, in a business turnover of 809 lots. Similarly, metal prices for delivery in far-month December declined Rs 35, or 0.11 per cent, to Rs 31,220 per 10 gram in 41 lots.

Market analysts said the fall in gold futures is mostly attributed to trimming of positions by speculators, tracking a weak trend overseas on concern that the Federal Reserve may raise interest rates before the end of the year, eroding demand for the precious metals. Meanwhile, gold traded 0.02 per cent down at USD 1,322.90 an ounce in Singapore today.