Gold futures drop Rs 88 on weak global cues

New Delhi: Amid a weakening global trend gold futures traded Rs 88 down at Rs 29,295 per 10 grams today as speculators reduced their positions. Gold for delivery in December dropped by Rs 88 or 0.30 per cent to Rs 29,295 per 10 gram in a business turnover of 105 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month February next year shed Rs 42 or 0.14 per cent to Rs 29,159 per 10 gram in 5 lots. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the dollar climbed to a 14-month high against basket of currencies, eroding demand for haven assets. Meanwhile, gold prices dropped by 0.28 per cent to USD 1,225 an ounce in New York yesterday.