Gold futures fall on weak global cues

Tracking a weak trend overseas, gold prices fell by 0.34 per cent to Rs 28,058 per 10 grams in futures trade on Thursday as speculators reduced their positions.

Sentiment in the futures market turned bearish after gold declined in the global markets as concerns that Europe's debt crisis bolster the dollar and reduced demand for the metal as an alternative investment.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 96, or 0.34 per cent, to Rs 28,058 per 10 grams, with a business turnover of 1,452 lots.

The metal for delivery in December declined by Rs 84, or 0.30 per cent, to Rs 28,383 per 10 grams in 123 lots.

Meanwhile, gold declined by $9.70 to $1,811.40 an ounce in Asian region.