Gold futures fall 0.25 percent on weak global cues

MUMBAI-INDIA (Aug 7)  Tracking a weak global trend, gold prices fell by Rs 69, or 0.25 percent, to Rs 27,545 per ten grams in futures market today as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in October month fell by Rs 69, or 0.25 per cent, to Rs 27,545 per ten grams in business turnover of 216 lots. Similarly, the yellow metal for delivery in December contracts lost Rs 54, or 0.20 per cent, to Rs 27,465 per ten grams in 3 lots.

Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market as better than-expected US trade data fuelled concern the Federal Reserve may reduce its bond purchases this year, reducing stimulus from the economy. They said, however, falling rupee which made imports= costlier, limited the fall. Meanwhile, gold in Singapore dropped 0.80 per cent to 1,273.55 dollar an ounce, its lowest since July 17.