Gold futures drop 0.27% on weak global cues, profit-booking

Gold futures traded lower by

0.27 per cent at Rs 32,138 per 10 grams Tuesday amid a weakening global trend and profit-booking by speculators.

Gold for delivery in April was trading lower by Rs 86, or 0.27 per cent, at Rs 32,138 per 10 grams in a business turnover of 828 lots at the Multi Commodity Exchange.

In a similar manner, gold to be delivered in August contracts fell by Rs 81, or 0.25 per cent, to Rs 32,450 per 10 grams in a business turnover of 33 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas where it slipped from over three-week high hit in the previous session and profit-taking by speculators.

 

Globally, gold prices fell 0.11 per cent to USD 1,320.90 an ounce in New York Tuesday. It had touched over three-week high of USD 1,322.70 an ounce Monday, its highest since February 28 on Monday.