Gold futures drop Rs 61 on weak global cues

Amid a weakening global trend, gold futures traded lower by Rs 61 at Rs 29,234 per 10 gram today as participants trimmed exposure.
Gold for delivery in June was trading lower by Rs 61, or 0.21 per cent, to Rs 29,234 per 10 gram, in a business turnover of 834 lots at the Multi Commodity Exchange.
On similar lines, the metal for delivery in August eased Rs 58, or 0.20 per cent, to Rs 29,352 per 10 grams in 12 lots.
Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas as strength in dollar dimmed the metal's appeal as alternative investment.

Globally, gold prices fell 0.12 per cent to USD 1,280.10 an ounce in Singapore.