Gold futures slide on weak global cues

New Delhi: Gold futures fell 0.27 per cent to Rs 29,865 per 10 gram today as participants cut down their bets amid a weak global trend.

At Multi Commodity Exchange, gold for delivery in December shed Rs 81 or 0.27 per cent to Rs 29,865 per 10 gram in a business turnover of 578 lots.

Also, the metal for delivery in February next year declined by Rs 62 or 0.21 per cent to Rs 29,923 per 10 gram in 7 lots.

Market analysts attributed the fall in prices to weak trend overseas where gold declined, weighed down by the dollar's strength, eroding demand for a haven.

Meanwhile, gold traded 0.14 per cent lower at USD 1,263.90 an ounce in Singapore today.