Gold falls marginally on weak global cues

New Delhi: Gold prices edged lower by Rs 58 to Rs 30,241 per 10 grams in futures trade on Friday as participants cut holdings amid a weak trend overseas.

At Multi Commodity Exchange, gold for delivery in April contracts was trading lower by Rs 58, or 0.19 per cent, at Rs 30,241 per 10 grams in a business turnover of 181 lots.

Also, the metal for delivery in far-month June shed Rs 40, or 0.13 per cent, to Rs 30,457 per 10 grams in 2 lots.

Analysts said there is a weakening trend in the overseas markets as traders, awaiting next week's Federal Reserve meeting amid strength in dollar, dimming some of the metal's safe haven investment appeal, which weighed on gold prices in futures trade here.

Globally, gold fell 0.64 per cent to USD 1,315.70 an ounce in New York on Thursday.