Gold futures drop by Rs 186 on weak global cues

New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 186 at Rs 27,262 per 10 gm on Tuesday as speculators trimmed their positions. Gold for delivery in October dropped Rs 186 or 0.68 per  cent to Rs 27,262 per 10 gm in a business turnover of 277 lots  at the Multi Commodity Exchange.  In a similar fashion, the metal for delivery in far-month  December was trading down Rs 187, or 0.68 per cent to Rs  27,667 per 10 gm in one lot.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas and profit-booking by  speculators at prevailing levels.  Meanwhile, gold prices fell 0.47 per cent to USD 1,154.90  an ounce in New York yesterday.