Gold futures drop on sluggish global leads

Gold prices fell 0.23 per cent to Rs 30,705 per 10 grams in futures trade Tuesday as participants cut down their bets amid a weak global trend.

At Multi Commodity Exchange, gold prices for delivery in October fell by Rs 71, or 0.23 per cent, to Rs 30,705 per 10 grams in a business turnover of 318 lots.

Gold for delivery in December contract too fell by Rs 65, or 0.21 per cent, to Rs 30,935 per kg in 16 lots.

Analysts attributed the fall in prices to lower positions from participants, tracking a weak trend in the global market, as the dollar rose after the US imposed a new round of tariffs on Chinese imports, aggravating global trade worries.

Meanwhile, gold fell 0.25 per cent at USD 1,198.10 an ounce in Singapore Tuesday.