Gold futures prices fell 1.13 per cent to Rs 27,618 per 10 grams today as speculators offloaded their positions, taking weak 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 October fell Rs 316 or 1.13 per cent to Rs 27,618 per 10 grams in a business turnover of 2,925 lots.

Similarly, the metal prices for delivery in August declined by Rs 220 or 0.78 per cent to Rs 28,000 per 10 grams in 100 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as US economic data backed the case for less stimulus amid strengthening of dollar, reducing the appeal for the precious metal as an alternative investment.

Globally, the yellow metal prices fell 0.6 per cent to trade at a two-week low of $1,302.94 an ounce in Singapore.

(This article was published on August 2, 2013)
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