Gold futures drop Rs 198 on weak global cues

New Delhi-India (Mar 15)  Amid a weakening global trend, gold futures traded lower by Rs 198 at Rs 28,989 per 10 grams today as speculators trimmed their positions.

Gold for delivery in April dropped Rs 198, or 0.68 per cent, to Rs 28,989 per 10 grams, in a business turnover of 1,145 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month June was trading down Rs 181, or 0.61 per cent, to Rs 29,278 per 10 grams in 167 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal dropped for a third day to trade at almost two-week lows as the dollar rebounded and investors await policy reviews in Japan and the US.

Meanwhile, gold prices fell 0.8 per cent to USD 1,225.77 an ounce in Singapore, the lowest since March 2.

Source: TheHindu