Gold futures drop by 0.4% on weak global cues

Amid a weakening global trend, gold futures traded lower by Rs 95 at Rs 25,323 per 10 gm today as speculators reduced their exposure.

Gold for delivery in February next year dropped Rs 95 or 0.37% to Rs 25,323 per 10 gm in a business turnover of 205 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month April was trading down Rs 76, or 0.30% to Rs 25,450 per 10 gm in three lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the Federal Reserve prepares to raise borrowing costs in the world's largest economy as soon as next week.

Meanwhile, gold prices fell 0.5% to $1,066.37 an ounce in Singapore today.

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