Gold futures drop below 30k level on global cues

Gold prices dropped by Rs 175 to Rs 29,917 per ten grams in futures trade today as speculators trimmed their positions, tracking a weak global trend.

At the Multi Commodity Exchange, April gold dropped by Rs 175, or 0.58% to Rs 29,917 per ten grams in business turnover of 5811 lots.

The June delivery lost Rs 154, or 0.50% to Rs 30,439 per ten grams in 220 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly pulled down gold prices at futures trade.     

Meanwhile, gold fell 0.1% to $1,611.55 an ounce in Singapore.