Gold futures fall Rs 264 on weak global cues, profit-booking

Globally, gold dropped 0.7 per cent to USD 1,272.44 an ounce Singapore on Tuesday, the lowest level since January 19.

Gold prices fell sharply by Rs 264 to Rs 27,600 per tens in futures trade on Tuesday amid a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 264, or 0.95 per cent, to Rs 27,600 per 10 grams in a business turnover of 497 lots.

Likewise, the metal for delivery in far-month April was down by Rs 237, or 0.85 per cent, to Rs 27,764 per 10 grams in 42 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets before Federal Reserve policy makers meet, weighed on gold prices at futures trade.

Globally, gold dropped 0.7 per cent to USD 1,272.44 an ounce Singapore on Tuesday, the lowest level since January 19.