Gold futures fall on weak global cues

NEW DELHI, July I8: Gold prices fell by Rs 29 to Rs 29,700 per 10 grams in futures trade today as participants cut down bets amid a weak global trend.
At the Multi Commodity Exchange, gold prices for delivery in August declined by Rs 29, or 0.10 per cent, to Rs 29,700 per 10 grams in a business turnover of 1,255 lots.
Also, the metal for delivery in October fell by Rs 13, or 0.04 per cent, to Rs 29,963 per 10 grams in 103 lots.
Analysts attributed the fall in prices to weak trend overseas and profit-booking by speculators at prevailing levels.
Meanwhile, gold fell by 1.05 per cent at USD 1,227.20 an ounce in New York yesterday as the dollar firmed after Federal Reserve Chairman Jerome Powell’s US economic outlook reinforced views the central bank is on track to steadily hike interest rates, eroding the appeal of the precious metal as a safe haven. (PTI)