Gold down Rs 28 in futures trade on weak global cues

New Delhi: Gold prices drifted lower by Rs 28 to Rs 31,010 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.

In futures trading, gold for delivery in December was trading Rs 28 or 0.09 per cent down at Rs 31,010 per 10 gram at the Multi Commodity Exchange with a business turnover of 21 lots.

The metal for delivery in October fell by Rs 18 or 0.06 per cent to Rs 30,906 per 10 gram in 250 lots. Analysts said a weak trend in the overseas markets before the Federal Reserve and the Bank of Japan announce their monetary policy decisions later in the day, weighed on gold futures. Globally, gold lost 0.26 per cent to USD 1,311.20 an ounce in Singapore.