Gold futures drop 0.65% on weak global cues, profit-booking

Gold futures traded lower by Rs 200 at Rs 30,658 per 10 grams today amid a weakening global trend and profit-booking by speculators.

Gold for delivery in June was trading lower by Rs 200, or 0.65 per cent, at Rs 30,658 per 10 grams in a business turnover of 1,007 lots at the Multi Commodity Exchange.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas as firm dollar and recovery in equities reduced appeal of the precious metals a safe haven.

Globally, gold prices fell 0.38 per cent to USD 1,327.70 an ounce in Singapore today.