Gold futures drop Rs 45 on weak global cues

Amid weakening global trend, gold futures traded lower by Rs 45 to Rs 30,936 per 10 grams today as speculators trimmed positions.
Gold for delivery in far-month Deceber dropped Rs 45, or 0.15 per cent, to Rs 30,936 per 10 grams, in a business turnover of 217 lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in October was down Rs 31, or 0.10 per cent, to Rs 30,711 per 10 grams in 95 lots.
Market analysts said that the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal dropped on speculation that Deutsche Bank is working to mend its finances, eroding demand for safe haven demand.

Meanwhile, gold prices fell 0.11 per cent to USD 1,314.40 an ounce in Singapore.