Gold futures drop Rs 26 on weak global cues

Amid a weakening global trend, gold futures traded lower by Rs 26 at Rs 26,474 per 10 gm today as speculators trimmed their positions.
Gold for delivery in October eased Rs 26 or 0.10 per cent to Rs 26,474 per 10 gm in a business turnover of 195 lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in far-month December was trading down Rs 13, or 0.05 per cent to Rs 26,680 per 10 gm in 13 lots.
Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal traded at three week lows as investors weighed whether the US Fed will raise interest rates at its meeting next week.

Meanwhile, gold prices fell 0.20 per cent to USD 1,120.50 an ounce in Singapore.