Tracking a weak global trend, gold prices declined by Rs 33 to Rs 31,342 per 10 grams at the futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 33 or 0.11 per cent to Rs 31,342 per 10 grams with a business turnover of 3,746 lots.

Similarly, the metal for delivery in February shed Rs 30 or 0.09 per cent to Rs 31,680 per 10 grams in 123 lots.

Marketmen attributed the fall in gold futures to a weak global trend, where the metal has lost 0.3 per cent to $1,736 an ounce.

They added that gold in global markets declined as improvement in economic data from the US to China dampened the speculation of more stimulus around the world, reducing the demand for bullion as an alternative investment.

(This article was published on October 19, 2012)
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