Gold futures fall 0.51 per cent on global cues

New Delhi: Gold prices declined by 0.51 per cent to Rs 28,444 per 10 grams in futures trading on Thursday as participants cut down their bets, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month October fell by Rs 145, or 0.51 per cent, to Rs 28,444 per 10 grams, in a business turnover of 1,293 lots.

Similarly, the yellow metal for delivery in August traded lower by Rs 54, or 0.19 per cent, to Rs 28,383 per 10 grams in two lots.

Analysts said offloading of positions by traders in line with a weakening trend overseas, mainly weighed on gold prices at futures trade.

Globally gold fell 0.31 per cent to USD 1,262.30 an ounce in Singapore.