Gold futures drop Rs 246 on weak global cues, profit-booking

New Delhi: Amid a weakening global trend and profit-booking by speculators, gold futures traded sharply lower by Rs 246 at Rs 26,346 per 10 gram on Januray 20.

Gold for delivery in far-month April contract drifted by Rs 246, or 0.93 per cent to Rs 26,346 per 10 gram in a business turnover of 535 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in February was trading down Rs 240, or 0.90 per cent to Rs 26,319 per 10 gram in 10,865 lots. Analysts said apart from profit-booking by speculators, a weak trend in the precious metals overseas, weighed on gold futures here.

Meanwhile, gold prices fell 0.31 per cent to USD 1,097.80 an ounce in Singapore.