Gold futures slip 0.34% on weak global cues

Gold prices drifted lower by 0.34 per cent to Rs 30,517 per ten grams in futures trade Wednesday as speculators off-loading of positions in line with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 103, or 0.34 per cent to Rs 30,517 per ten grams in business volume of 366 lots.

Similarly, the precious metal for delivery in December declined by Rs 89, or 0.29 per cent to Rs 30,313 per ten grams in 1,750 lots.

Market analysts said cutting down of positions by participants in tandem with a weak trend overseas, mainly weighed on gold prices at futures trade.

Globally, gold fell 0.07 per cent to USD 1,213.80 an ounce in Singapore. 

Gold prices edged up by Rs 46 to Rs 30,593 per 10 grams at the futures market on Tuesday as participants widened their bets even as metal weakened overseas.

At the Multi Commodity Exchange, gold to be delivered in December up by Rs 46, or 0.15 per cent to trade at Rs 30,593 per 10 grams in a business turnover of 89 lots.

According to analysts, raising of bets by speculators at current levels mainly pushed up gold prices at futures trade here but a subdued trend overseas, limited the gains.