Gold futures drop Rs 50, hurt by weak global trend

As investors awaited policy meetings from the US Fed and the BoJ next week while markets in top buyer China were shut for a holiday

Gold futures traded lower by Rs 50 at Rs 30,995 per 10 grams on Friday as speculators trimmed their positions amid a weakening global trend.

Gold for delivery in December dropped Rs 50 or 0.16 per cent to Rs 30,995 per 10 grams in a business turnover of 13 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in October was trading down Rs 49, or 0.16 per cent, to Rs 30,861 per 10 grams in 345 lots.

Market analysts said that the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal traded near the lowest in almost two weeks as investors awaited policy meetings from the US Federal Reserve and Bank of Japan next week while the markets in top buyer China were shut for a holiday.

Meanwhile, gold prices fell 0.05 per cent to $1,313.40 an ounce in Singapore.