Gold futures decline on weak global cues

Dec 24 2012, 12:11 IST
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Gold futures prices today fell by 0.26 per cent to Rs 31,256 per 10 grams. (Reuters) Gold futures prices today fell by 0.26 per cent to Rs 31,256 per 10 grams. (Reuters)
SummaryGold futures prices today fell by 0.26 per cent to Rs 31,256 per 10 grams.

Gold futures prices today fell by 0.26 per cent to Rs 31,256 per 10 grams as speculators reduced their exposures amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month April fell by Rs 80, or 0.26 per cent, to Rs 31,256 per 10 grams, with a business turnover of 72 lots.

Similarly, the metal for delivery in February moved down by Rs 74, or 0.24 per cent, to Rs 30,839 per 10 grams, with a business turnover of 1,213 lots.

Globally, spot gold fell as much as 0.3 per cent to USD 1,652.20 an ounce in Singapore today.

Marketmen said a weak trend in global markets as US budget talks stalled, leading to concerns that the lawmakers will fail to agree on a deal to avoid tax increases and spending cuts, mainly put pressure on gold futures here.

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