Gold weakens in futures trade on global cues
New Delhi: Gold prices fell by Rs 150 to Rs 29,278 per 10 grams in futures trade Wednesday after participants reduced their positions, triggered by a weakening trend overseas.
At the Multi Commodity Exchange, gold for delivery in August traded lower by Rs 150, or 0.49 percent, to Rs 29,278 per 10 grams, with a business turnover of 4,364 lots.
Similarly, the metal for delivery in October lost Rs 139, or 0.47 percent, to Rs 29,616 per 10 grams, with a turnover of 302 lots.
Marketmen attributed the fall in gold prices at futures trade to a weak trend in overseas markets as strengthening dollar eroded the appeal of the precious metal as a hedge against inflation.
Meanwhile, gold declined 1.31 percent to USD 1,567.50 an ounce in New York last in previous session.