Gold futures slide on weak global cues

New Delhi: Gold futures fell 0.09 per cent to Rs 29,845 per ten gram on Wednesday as participants cut down their bets amid a weak global trend.

At Multi Commodity Exchange, gold for delivery in October shed Rs 27 or 0.09 per cent to Rs 29,845 per ten gram in a business turnover of 353 lots.

Metal for delivery in December also fell by a similar margin to trade at Rs 29,990 per 10 gram in 39 lots.

Market analysts attributed the fall in gold prices to weak trend overseas as the dollar strengthened following an indication of gradual rate hike from the central bank, eroding demand for a safe haven.

Meanwhile, gold traded 1.27 per cent lower at USD 1,293.60 an ounce in New York on Tuesday.