Gold prices fell 0.13 per cent to Rs 31,957 per 10 gam in futures trade on Monday as participants cut down their bets amid a weak global trend.
Gold prices fell 0.13 per cent to Rs 31,957 per 10 gam in futures trade on Monday as participants cut down their bets amid a weak global trend.
At the Multi Commodity Exchange, gold prices for delivery in February next year were trading lower by Rs 42, or 0.13 per cent, to Rs 31,957 per 10 gram in a business turnover of 63 lots.
Also, the metal for delivery in December declined by Rs 22, or 0.09 per cent, to Rs 31,723 per 10 gram in 309 lots.
Analysts attributed the fall in gold prices to trimming of positions by participants, taking weak cues form global market.
Meanwhile, gold fell 0.04 per cent to USD 1,232.70 an ounce in Singapore Monday.
Global gold demand rose marginally by just one per cent during the third quarter of this year to 964 tonne mainly on account of large outflows in gold-backed exchange-traded funds (ETFs), the World Gold Council (WGC) said in a report.
The overall demand in the third quarter of 2017 stood at 958 tonne, according to WGC's 'Q3 Gold Demand Trends' report.
Electronically traded fund (ETF) outflows reached 103 tonne in the third quarter of this year, the first outflow since the fourth quarter of 2016, it said.
North America accounted for 73 per cent of the outflow, fuelled by 'risk-on sentiment' (when investors give up safety for returns) amid a strong dollar and price-driven momentum.
However, bar and coins saw a growth of 28 per cent at 298.1 tonne against in the September quarter this year from 233 tonne in the year-ago period as investors took advantage of the price dip.
The report further noted that stock market volatility and currency weakness boosted demand in many emerging markets as well as in China, the world's largest bar and coin market, as it witnessed 25 per cent growth at 86 tonne from last year.
Iranian demand hit a five-and-a-half year high at 21 tonne, the report added.
Similarly, jewellery demand also saw six per cent growth to 535.7 tonne compared to 505.8 tonne in the same period last year.
Lower gold prices during July and August encouraged bargain hunting among price-sensitive consumers.
Jewellery demand witnessed 10 per cent growth in India and China.
However, in the Middle East it declined by 12 per cent due to geopolitical stress.
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 "Gold futures slide on weak global cues")
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