Mumbai: Gold prices fell 0.37 per cent to Rs 31,095 per 10 grams in futures trade today as participants cut bets, tracking a weak movement overseas.
At Multi Commodity Exchange, gold for delivery in June was down Rs 116, or 0.37 per cent, to Rs 31,095 per 10 grams in a business turnover of 347 lots.
Similarly, the metal for delivery in August contracts was trading lower by Rs 96, or 0.31 per cent, to Rs 31,321 per 10 grams in four lots.
Analysts attributed the fall in prices to trimming of positions by participants, tracking a steady trend overseas after recent gains.
Gold dropped 0.10 per cent to USD 1,321.30 an ounce in Singapore. Meanwhile, Asian shares extended gains on Monday as tensions in the Korean Peninsula eased and first-quarter earnings shone, although some investors were cautious about the outlook amid the backdrop of a simmering US-China trade dispute.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.9 per cent after gaining more than 1 per cent on Friday. The index is poised to eke out a modest rise this month after two consecutive losses.
South Korea’s KOSPI index rose 0.6 per cent and is set to end April nearly 2.5 per cent higher following record profits from tech giant Samsung Electronics and after a spectacularly successful inter-Korean summit.
Hong Kong’s Hang Seng index climbed 1.6 per cent, Australia’s benchmark index gained 0.5 per cent while New Zealand shares gave up early losses to be up 0.3 per cent.
Liquidity was low on Monday with Japan, China and India on holiday and much of Asia closed on Tuesday.
Overall, stocks continue to be supported by strong first quarter corporate earnings. More than half of Wall Street’s S&P 500 companies have reported and 79.4 per cent have beaten consensus estimates.