Gold futures soften by 0.08 per cent on global cues

New Delhi: Gold prices weakened by 0.08 per cent to Rs 29,934 per 10 grams in futures trade on Tuesday as participants trimmed positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 24, or 0.08 per cent, to Rs 29,934 per ten grams in business turnover of 42 lots.

Likewise, the yellow metal for delivery in October contracts shed Rs 20, or 0.07 per cent, to Rs 29,705 per ten grams in 863 lots.

Analysts said the slide in gold futures was mostly in tune with a weak trend overseas where gold prices hit 17-month low on Monday, losing out to the US Treasuries and a stronger dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira.

Meanwhile, gold fell 1.49 per cent to USD 1,193.10 an ounce in New York in Monday's trade.