Gold futures drop Rs 127 on weak global cues, profit-booking

Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by Rs 127 at Rs 29,299 per 10 gram today.
Gold for delivery in far-month June was trading lower by Rs 127, or 0.43 per cent, to Rs 29,299 per 10 gram, in a business turnover of 7 lots at the Multi Commodity Exchange.
On similar lines, the metal for delivery in April eased by Rs 110, or 0.37 per cent, to Rs 29,250 per 10 gram in 208 lots.
Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas and profit-booking by speculators.

Globally, gold prices fell 0.04 per cent to USD 1,234.10 an ounce in Singapore.