Gold futures slide on weak global cues

New Delhi: Gold futures fell by 0.11 per cent to Rs 31,323 per 10 grams on July 18 as participants cut down their bets to book profits amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in far-month October was down Rs 36, or 0.11 per cent, to Rs 31,323 per 10 grams, in a business turnover of 69 lots.

On similar lines, the metal for delivery in August declined by Rs 17, or 0.05 per cent, to Rs 30,690 per 10 grams in 823 lots.

Market analysts attributed the fall in prices to weak trend overseas after data on Friday showed the US economy gaining traction, raising bets that the Federal Reserve may increase interest rates this year, diminished its demand as a safe haven.

Meanwhile, gold traded 1 per cent lower at USD 1,323.83 an ounce in Singapore.