Gold futures drop Rs 114 on weak global cues, profit-booking

Gold futures traded lower by Rs 114 at Rs 29,316 per 10 grams today amid a weakening global trend and profit-booking by speculators.

Gold for delivery in June was trading lower by Rs 114, or 0.39 per cent, at Rs 29,316 per 10 grams, in a business turnover of 557 lots at the Multi Commodity Exchange.

On similar lines, the metal for delivery in far-month August eased by Rs 95, or 0.32 per cent, to Rs 29,470 per 10 gram in 18 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas and profit-booking by participants at existing levels.
 

Globally, gold prices fell 0.15 per cent to USD 1,282.10 an ounce in Singapore today.