Gold remains down to Rs 30,265 in futures trade on weak global cues

Mumbai-India (Nov 22) Gold prices moved down by 0.03 per cent to Rs 30,265 per 10 gm in futures trade today as participants indulged in trimming positions, tracking a weak trend in the global market.

At the Multi Commodity Exchange, gold for delivery in December eased by Rs 9, or 0.03 per cent, to Rs 30,265 per 10 gm in business turnover of 1,012 lots.

Likewise, the metal for delivery in February shed Rs 10, or 0.03 per cent, to Rs 29,474 per 10 gm in 79 lots.

Market analysts said a weak trend in the overseas markets after the US Federal Reserve signalled that it may scale back stimulus in the coming months, hurting demand, mainly put pressure on the gold futures here.

Globally, gold fell 0.30 per cent at USD 1,242.40 an ounce in New York last yesterday.