Gold futures down on weak global cues

Gold futures were trading down in the domestic market on Thursday as speculators trimmed their positions amid a weak global trend. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas.

At the MCX, gold futures for October 2017 contract was at Rs 29150 per 10 grams, down by 0.05 per cent, after opening at Rs 29142 against a previous close of Rs 29164. It touched the intra-day low of Rs 29123.

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                         Trading Ideas

1. Gold trading range for the day is 29011-29291.
2. Gold prices edged up with investors turning to the precious metal amid political uncertainty in the US before a major central banking conference this week.
3. U.S. President Donald Trump raised the prospect of a government shutdown as he tries to force through his plans to build the wall along the border with Mexico.