Gold down Rs 70 in futures trade on weak global cues

Gold prices drifted lower by Rs 70 to Rs 28,741 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas.
In futures trading, gold for delivery in June was trading Rs 70 or 0.24 per cent down at Rs 28,741 per 10 gram at the Multi Commodity Exchange with a business turnover of 241 lots.
The metal for delivery in far-month August too fell by Rs 53 or 0.18 per cent to Rs 28,909 per 10 gram in 29 lots.
Analysts said a weak trend in the overseas markets where the precious metal dropped as investors shrugged off heightened political risk following a terror attack in the UK, weighed on gold futures.

Globally, gold lost 0.77 per cent to USD 1,250.70 an ounce in New York.