Gold futures drop Rs 195 on weak global cueshttps://indianexpress.com/article/business/gold-futures-drop-rs-195-on-weak-global-cues-4872575/

Gold futures drop Rs 195 on weak global cues

Market analysts said that the fall in gold futures was mostly in tune with a weak trend overseas.

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In a similar fashion, the metal for delivery in October was down Rs 186, or 0.63 per cent, to Rs 29,371 per 10 grams in 59 lots.

Gold futures traded sharply lower by Rs 195 to Rs 29,511 per 10 grams today as speculators trimmed positions amid weakening global trend.Gold for delivery in December dropped Rs 195, or 0.66 per cent, to Rs 29,511 per 10 grams, in a business turnover of 375 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in October was down Rs 186, or 0.63 per cent, to Rs 29,371 per 10 grams in 59 lots.

Market analysts said that the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal slid to a seven-week low after strong US manufacturing data strengthened the dollar and eroded appeal of the precious metal as a safe haven.

Meanwhile, gold prices fell 0.14 per cent to USD 1,268.70 an ounce in Singapore.