Gold futures drop Rs 219 on weak global cues

New Delhi: Amid a weakening global trend,gold futures traded Rs 219 down at Rs 28,830 per 10 grams today as speculators cut down their bets. Gold for delivery in April dropped by Rs 219 or 0.75 per cent to Rs 28,830 per 10 grams in a business turnover of 373 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in June was trading lower by Rs 221 or 0.75 per cent to Rs 29,124 per 10 grams in 32 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as investors weighed the outlook for US interest rate increase.

Meanwhile, gold prices fell by 0.40 per cent to USD 1,242.85 an ounce in Singapore today.