Gold futures fall 0.23 per cent on global cues

New Delhi: Gold prices drifted lower by 0.23per cent to Rs 29,135 per 10 grams in futures trade on Monday as participants trimmed their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 68, or 0.23 per cent, to Rs 29,135 per 10 grams, in a business turnover of 185 lots. Similarly, the yellow metal for delivery in far-month December declined by Rs 44, or 0.15 per cent, to Rs 29,190 per 10 grams in three lots.

Analysts said a weakening trend in the overseas markets where gold edged lower as the dollar edged higher against a basket of major currencies with rising tensions between the US and North Korea seen as the key to the near-term outlook, weighed on gold prices in futures trade.

Globally, gold lost 0.71 per cent to USD 1,286 an ounce in Singapore.