Gold futures drop Rs 57 on weak global cues, profit-booking

Gold prices declined by Rs 57 to Rs 28,910 per 10 grams in futures trade today due to profit- booking by speculators amid a weak global trend.

Gold for delivery in far-month February fell Rs 57, or 0.20 per cent, to Rs 28,910 per 10 grams, in a business turnover of 178 lots at the Multi Commodity Exchange.

Analysts said the fall in gold futures was in tune with a weak trend in precious metals overseas.

Gold prices fell 0.02 per cent to USD 1,262.50 an ounce in Singapore today.