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Gold futures down on weak global cues, strengthening rupee

Gold futures down on weak global cues, strengthening rupee

Analysts said a weak trend in the overseas markets as biggest rally in six weeks spurred selling by investors and strengthening rupee, which make imports cheaper, put pressure on the gold prices at futures trade.

Amid a weak trend overseas and strengthening rupee, gold prices fell 1.20 per cent to Rs 30,580 per 10 grams in futures trade on Thursday.

At the Multi Commodity Exchange, gold for delivery in December eased by Rs 370, or 1.20 per cent, to Rs 30,580 per 10 gm in business turnover of 12 lots.

Likewise, the metal for delivery in far-month February traded Rs 227, or 0.77 per cent, to Rs 29,367 per 10 gm in 482 lots.

Analysts said a weak trend in the overseas markets as biggest rally in six weeks spurred selling by investors and strengthening rupee, which make imports cheaper, put pressure on the gold prices at futures trade.

Globally, gold fell 0.50 per cent to $1,237.28 an ounce in Singapore on Thursday.