Gold futures drop Rs 102 on weak global cues, profit-booking

Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by Rs 102 at Rs 29,199 per 10 gram today.
At the Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 102, or 0.35 per cent, to Rs 29,199 per 10 gram, in a business turnover of 8,987 lots.
On similar lines, the metal for delivery in far-month June eased by Rs 97, or 0.33 per cent, to Rs 29,255 per 10 gram in 229 lots.
Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas coupled with profit-booking by speculators.

Globally, gold prices fell 0.06 per cent to USD 1,236.50 an ounce in Singapore.