Gold futures down 0.55% on weak global cues
New Delhi: Gold futures prices on Wednesday fell by 0.55 percent 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 percent 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, 2014 eased by Rs 119, or 0.40 percent, 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 percent to USD 1,316.70 an ounce in London today.