Gold futures prices moved down by 0.36 per cent to Rs 30,049 per 10 grams today, after participants offloaded partial positions, taking weak cues from the global market.
On the Multi Commodity Exchange, gold for delivery in December eased Rs 110 or 0.36 per cent to Rs 30,049 per 10 gm in a business turnover of 660 lots. Likewise, the metal for delivery in February shed Rs 51 or 0.17 per cent to Rs 29,229 per 10 gm in 257 lots.
Market analysts said a weak trend in the overseas market on speculation that the Federal Reserve will begin reducing its monetary stimulus as the US economy strengthens, dampening the demand for haven assets, mainly weighed on gold prices at the futures trade.
Globally, gold traded lower at $1,242.65 an ounce in Singapore today against yesterday’s $1,244.13.