Gold futures drop 0.19 per cent on weak global cues

Gold prices fell by 0.19 per cent to Rs 31,806 per ten gram in futures trade Wednesday as participants trimmed their positions in line with weak global trend.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 62, or 0.19 per cent, to Rs 31,806 per ten gram in a business turnover of 13,379 lots.

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The precious metal to be delivered in November contracts also fell by Rs 60, or 0.19 per cent, to quote at Rs 31,641 per ten gram with a business volume of 23,444 lots.

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Analysts said offloading of positions by participants, triggered by a weak trend overseas, weighed on the gold prices in futures trade here.

Meanwhile, gold fell 0.23 per cent to $1,222.70 an ounce in Singapore.