Gold futures trade below Rs 30,000 on weak global cues

Gold prices went down by 0.37 per cent to Rs 29,885 per 10 grams in futures trade today as speculators reduced exposure, driven by weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 110, or 0.37 per cent, to Rs 29,885 per ten grams in a business turnover of 354 lots.

Likewise, the yellow metal for delivery in June was trading lower by Rs 94, or 0.31 per cent, to Rs 30,050 per ten grams in 5 lots.

Analysts said offloading of positions by participants in line with a weak trend where the precious metal fell to four- week lows on a firmer dollar amid expectations of more US interest rate hikes, mainly influenced gold prices at futures trade here.

Gold prices fell 0.56 per cent to $1,310.70 an ounce in Singapore today.