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Gold futures drop Rs 19 on weak global cues

New Delhi: Amid a weakening global trend, gold futures traded Rs 19 down at Rs 28,308 per 10 grams today as speculators cut down their bets. Gold for delivery in far-month June shed Rs 19 or 0.07 per cent to Rs 28,308 per 10 grams in a business turnover of six lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in April was trading lower by Rs 13 or 0.05 per cent to Rs 28,238 per 10 grams in 211 lots. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as investors weighed the outlook for US interest rate increase. Meanwhile, gold prices fell by 0.07 per cent to USD 1,202.80 an ounce in Singapore today.

PTI