Gold futures drop on weak global cues, profit-booking

Gold futures traded lower by Rs 0.21 per cent at Rs 32,976 per 10 grams Tuesday amid a weakening global trend and profit-booking by speculators.

Gold for delivery in April was trading lower by Rs 70, or 0.21 per cent, at Rs 32,976 per 10 grams in a business turnover of 755 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in March shed Rs 56, or 0.17 per cent, to Rs 32,875 per 10 gram in 527 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas, as the dollar rallied after comments from US Federal Reserve Vice Chair Richard Clarida bolstered expectations that the central bank would continue raising interest rates that reduced appeal of the precious metal as a safe haven investment.

Globally, gold prices fell 0.01 per cent to USD 1,308.70 an ounce in New York Tuesday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)