Gold futures decline to Rs. 26,314 on weak global cues…

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Gold prices fell 0.74 per cent to Rs. 26,314 per 10 grams at the futures trade today as speculators reduced their exposures amid a weak trend overseas on strong dollar.

At the Multi Commodity Exchange, gold for delivery in December fell sharply by Rs. 195 or 0.74 per cent to Rs. 26,314 per 10 grams in a business turnover of just one lot.

Likewise, the metal for delivery in February next year eased by Rs. 172 or 0.65 per cent to Rs. 26,767 per 10 grams in 197 lots.

Market analysts said a weak trend in overseas markets, where the precious metal retreated from a five-week high on outlook for strong dollar, mainly weighed on gold prices at the futures trade here.

Globally, gold fell 0.7 per cent to $1,203.45 an ounce in Singapore today.

Meanwhile, the metal had rallied yesterday to $1,221.43, the highest level since October 30, climbing from a three-week low of USD 1,142.88 as some investors ended bets on lower prices.

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