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Gold futures prices today fell 0.61 per cent to Rs 31,200 per 10 gram as speculators offloaded their positions, taking cues from the global market. Besides, profit-booking by speculators also put pressure on gold futures.
On the Multi Commodity Exchange, gold prices for delivery in December fell Rs 193 or 0.61 per cent to Rs 31,200 per 10 grams in a business turnover of 16 lots.
Similarly, the metal prices for delivery in October declined by Rs 173 or 0.55 per cent to Rs 31,271 per 10 gram in 393 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as investors weighed the minutes of the US Federal Reserve’s last meeting, which reinforced expectations that stimulus will be tapered amid rising dollar. This has reduced the appeal for the precious metal as an alternative investment.
Globally, the yellow metal fell 0.8 per cent to trade at $1,355.30 an ounce in Singapore.
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