Financials News

Gold marginally down in futures trade on global cues

Gold marginally down in futures trade on global cues

New Delhi: Gold prices softened by 0.40 percent to Rs 29,736 per 10 gram in futures trading as traders trimmed their bets amid weak global cues.

At Multi Commodity Exchange, gold for delivery in October month declined by Rs 120 or 0.40 per cent to Rs 29,736 per ten gram in business turnover of 1,016 lots.

The metal for delivery in far-month December was trading lower by Rs 119 or 0.40 per cent to Rs 29,870 per ten gram in 90 lots.

Analysts said cutting down of positions by participants, tracking a weak trend in global markets amid a firmer dollar overseas, while prospects of monetary policy tightening in the US ahead of the Federal Reserve’s two-day meeting starting

On Tuesday also weighed on gold prices in futures trade here.

Meanwhile, gold fell 0.16 per cent to USD 1,317.10 an ounce in Singapore.

PTI