Gold prices drop below 30k level on global cues

Feb 27 2013, 12:51 IST
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SummaryGold prices dropped by Rs 175 to Rs 29,917 per ten grams in futures trade today.

Gold prices dropped by Rs 175 to Rs 29,917 per ten grams in futures trade today as speculators trimmed their positions, tracking a weak global trend.

At the Multi Commodity Exchange, gold for delivery in April dropped by Rs 175, or 0.58 per cent to Rs 29,917 per ten grams in business turnover of 5811 lots.

In a similar fashion, the yellow metal for delivery in June lost Rs 154, or 0.50 per cent to Rs 30,439 per ten grams in 220 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly pulled down gold prices at futures trade.

Meanwhile, gold fell 0.1 per cent to USD 1,611.55 an ounce in Singapore.

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