Gold futures drop Rs 39 on weak global cues

New Delhi: Amid a weakening global trend, gold futures traded Rs 39 down at Rs 29,134 per 10 grams today as speculators cut down their bets. Gold for delivery in far-month April dropped by Rs 39 or 0.13 per cent to Rs 29,134 per 10 grams in a business turnover of 216 lots at the Multi Commodity Exchange.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas amid profit-booking by speculators. Meanwhile, gold prices fell by 0.33 per cent to USD 1,228.80 an ounce in Singapore today.