Gold down Rs 245 in futures trade on weak cues

TIL Desk/Business/New Delhi-Gold prices drifted Rs 245 to Rs 31,303 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas. In futures trading, gold for delivery in August was trading Rs 245 or 0.78 per cent down at Rs 31,303 per 10 gram at the Multi Commodity Exchange with a business turnover of 1,490 lots.

The metal for delivery in October plunged by Rs 228 or 0.72 per cent to Rs 31,638 per 10 gram in 49 lots. Analysts said a weak trend in the overseas markets where gold dropped after posting the biggest two-day gain in more than seven years following the UK s vote to exit from the European Union and profit-booking by speculators, weighed on gold futures. Globally, gold lost 0.6 per cent to USD 1,316.320 an ounce in Singapore.