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Gold futures prices fell 0.34 per cent to to Rs 31,386 per 10 grams today as speculators reduced their positions, taking weak cues from overseas market.
At the Multi Commodity Exchange, gold for delivery in far-month February was down Rs 107 or 0.34 per cent to Rs 31,386 per 10 gram in a business turnover of 2,774 lots. Similarly, April contract fell Rs 98 or 0.31 per cent to Rs 31,795 per 10 grams in 125 lots.
Market analysts attributed the fall in gold futures prices to a weak trend overseas where it dropped for the first time in four days as some investors sold the metal after the prices climbed to a one-week high amid speculation the US Federal Reserve will expand monetary stimulus to boost the economy.
Meanwhile, gold fell 0.4 per cent to $1,706.95 an ounce in Singapore in early trade today.
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