Gold price futures drops on weak global trends

Gold, Gold price, Gold trends, fall in price of gold, business news, India gold price, global gold price, gold economy, india news, latest news

Gold futures fell by 0.21 per cent to Rs 30,493 per 10 grams on Wednesday as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators weighed on gold prices.

At Multi Commodity Exchange, gold for delivery in August shed Rs 65 or 0.21 per cent to Rs 30,493 per 10 grams in a business turnover of 1,297 lots.

Also, the metal for delivery in far month October declined by Rs 45 or 0.15 per cent to Rs 30,740 per 10 grams in 60 lots.

Market analysts attributed the fall in prices to weak trend overseas and profit booking by speculators at existing higher levels.

Meanwhile, gold traded lower 0.10 per cent at USD 1,284.20 an ounce in Singapore.