Gold futures fall on weak global cues

Similarly,the metal for delivery in far-month August declined by Rs 47,or 0.16 per cent,to Rs 28,877 per 10 gm,with a business volume of 23 lots.

Market analysts said offloading of positions by speculators is largely in tandem with a weak trend in overseas markets as concern that Europe is struggling to contain its debt crisis weakened the euro against the dollar,offsetting demand for a safe-haven,led to a fall in gold prices at futures trade.

Meanwhile,gold fell by 0.20 per cent to USD 1,639.20 an ounce in Singapore. It had declined 2 per cent over the past four days.