Gold falls Rs 86 in futures trade on weak global cues

Gold prices fell Rs 86 to Rs 29,505 per 10 grams in futures trade today as participants reduced their positions, largely in line with a weak trend overseas.

At Multi Commodity Exchange, gold for delivery in far-month contract was trading lower by Rs 86 or 0.29 percent at Rs 29,505 per 10 grams in a business turnover of 9 lots.

Also, the metal for delivery in April shed Rs 73 or 0.25 percent to Rs 29,266 per 10 grams in 466 lots.

Analysts said weakening trend in the overseas markets where gold retreated as stocks extended gains and the US posting a better-than-expected jobs data, reduced demand for the safe-haven, weighed on the precious metal in the futures trade here. Globally, gold fell 0.1 percent to USD 1,238.25 an ounce in Singapore.

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