Gold futures drop Rs 195 after dollar paces up

Amid a weakening global trend, gold futures traded lower by Rs 195 at Rs 29,371 per 10 grams today as speculators scaled down their positions.
Gold for delivery in April dropped Rs 195, or 0.66 per cent, to Rs 29,371 per 10 grams, in a business turnover of 312 lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in far-month June contract was trading down Rs 176, or 0.59 per cent, to Rs 29,420 per 10 grams in four lots.
Analysts said the fall in gold futures is mostly in line with a weak trend overseas where the rising dollar took away some of the safe haven appeal of the precious metal.

Meanwhile, gold prices fell 0.45 per cent to USD 1,242.20 an ounce in Singapore.