Gold futures drop marginally by 0.07 per cent

New Delhi: Gold futures traded a tad lower at Rs 29,165 per 10 grams on Monday as speculators cut positions.

At the Multi Commodity Exchange, gold for delivery in far-month April was trading Rs 20, or 0.07 per cent, lower at Rs 29,165 per 10 grams, in business turnover of 3 lots.

Similarly, the yellow metal for delivery in February shed Rs 8, or 0.03 per cent, to Rs 29,148 per 10 gram in 175 lots.

Analysts said offloading of bets by speculators led to fall in gold prices in futures trade due to absence of cues from global markets, which remained closed on Monday on account of public holiday.