Gold futures drop on weak global cues, profit-booking

Gold futures traded lower by Rs 108 at Rs 30,621 per 10 grams today amid a weakening global trend and profit-booking by speculators.

Gold for delivery in June was trading lower by Rs 108, or 0.35 per cent, at Rs 30,621 per 10 grams in a business turnover of six lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in April eased by Rs 89, or 0.29 per cent, to Rs 30,484 per 10 gram in 112 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas on a stronger dollar that reduced appeal of the precious metal as a safe haven investment.

Globally, gold prices fell 0.37 per cent to USD 1,326.50 an ounce in Singapore today.