Gold futures drop Rs 75 on weak global cues

New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 75 at Rs 28,430 per 10 grams today as speculators trimmed their positions.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 75, or 0.26 per cent, to Rs 28,430 per 10 grams, in a business turnover of 648 lots. In a similar fashion, the metal for delivery in far-month June was trading down Rs 51, or 0.18 per cent, to Rs 28,550 per 10 grams in 16 lots.

Analysts said the fall in gold futures was mostly attributed to cutting down of positions by participants in tune with a weak trend overseas. Meanwhile, gold prices fell 0.45 per cent to USD 1,228.40 an ounce in Singapore today.