Gold futures down Rs 124 on profit booking, global cues

New Delhi: Gold prices drifted lower by Rs 124 to Rs 29,776 per 10 gram in futures trade on Tuesday as participants lightened their positions at prevailing levels amid a weak trend overseas.

In futures trade, gold for delivery in February next year was trading Rs 124 or 0.41 per cent down at Rs 29,776 per 10 gram on the Multi Commodity Exchange with a business turnover of 59 lots.

The metal for delivery in December year too fell by Rs 104 or 0.35 per cent to Rs 29,750 per 10 gram in 811 lots.

Analysts said apart from profit-booking by speculators at existing levels, metal's fresh weakness in the overseas markets weighed on gold futures.

In international market, gold lost 0.20 per cent to USD 1,291.90 an ounce in Singapore.