Gold futures slip 0.16% on weak global cues

NEW DELHI, Aug 1: Gold prices drifted lower by 0.16 per cent to Rs 29,830 per 10 grams in futures trade today as participants trimmed positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in October fell by Rs 48, or 0.16 per cent, to Rs 29,830 per ten grams in business turnover of 274 lots.
Likewise, the yellow metal for delivery in August contract shed Rs 23, or 0.08 per cent, to Rs 29,630 per ten grams in five lots.
Market analysts said sentiment turned bearish after gold prices came under pressure in global markets today as news that the Trump administration has plans to propose higher tariffs on Chinese goods stoked demand for the US dollar.
Meanwhile, gold prices fell 0.22 per cent to USD 1,220.70 an ounce in Singapore today. (PTI)