Gold futures down 0.5% on weak global cues

Last Updated: Wed, Oct 09, 2013 10:42 hrs

Gold futures prices today fell by 0.55% to Rs 29,455 per 10 gram as speculators trimmed positions, tracking a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in December was trading Rs 164, or 0.55% lower at Rs 29,455 per 10 grams in business turnover of 3,055 lots.

On similar lines, metal prices for delivery in far-month February, 2013 eased by Rs 119, or 0.40%, to Rs 29,311 per ten grams in 90 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas on expectations that US lawmakers will find a compromise over the debt limit and government shutdown, potentially paving the way for a reduction in stimulus as the economy improves.

Meanwhile, gold prices fell 0.17% to %1,316.70 an ounce in London today.

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