Gold futures drop Rs 59 to Rs 39,049 per 10 gm

Gold prices on Wednesday dropped by Rs 59 to Rs 39,049 per 10 gram in futures trade as participants cut down their positions tracking a weak trend at spot market.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 59, or 0.15 per cent, to Rs 39,049 per 10 gram in a business turnover of 1,158 lots.

The yellow metal for April delivery slipped by Rs 86, or 0.22 per cent, to Rs 39,156 per 10 gram in 62 lots.

However, gold traded at 0.30 per cent higher at USD 1,523.10 an ounce in New York.