Gold futures down on global cues

Gold futures down on global cues New Delhi: Gold futures prices on Monday fell by 0.16 percent to to Rs 31,157 per 10 grams as speculators reduced their positions, taking weak cues from overseas.

At the Multi Commodity Exchange, gold for delivery in February down Rs 51, or 0.16 percent, to Rs 31,157 per 10 gram in a business turnover of 1,327 lots.

Similarly, the metal for delivery in April fell by Rs 48, or 0.15 percent, to Rs 31,568 per 10 grams in 46 lots.

Market analysts attributed the fall in gold futures prices to a weak trend overseas where it dropped for the third straight day as the dollar's strength damped demand for alternative investments.

Meanwhile, gold fell 0.4 percent to USD 1,689.15 an ounce in Singapore in early trade today.

PTI