Gold futures decline on weak global cues

Gold futures prices today fell by 0.48 per cent to Rs 31,134 per 10 grams as speculators reduced their exposures amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 150, or 0.48 per cent, to Rs 31,134 per 10 grams, with a business turnover of 2,686 lots.

Similarly, the metal for delivery in February moved down by Rs 151, or 0.48 per cent, to Rs 31,481 per 10 grams, with a business turnover of 120 lots.

Globally, spot gold fell as much as 0.7 per cent to USD 1,741.75 an ounce in Singapore, the lowest price since September 26.

Marketmen said a weak trend in global markets on speculation that China may not need additional stimulus after exports grew more than estimated in September, reducing demand for the precious metal, mainly put pressure on the gold prices at futures trade here.

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