Gold futures drop Rs 66 on weak global cues

Wednesday, Jun 22, 2016,12:36 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend gold futures traded Rs 66 down at Rs 30,230 per 10 gram Wednesday as speculators reduced their positions. Gold for delivery in August dropped by Rs 66 or 0.22 per cent to Rs 30,230 per 10 gram in a business turnover of 755 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in far-month October shed Rs 47 or 0.15 per cent to Rs 30,498 per 10 gram in 34 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it held a two-day slump on speculation that Britain will probably vote to stay in the European Union in a referendum tomorrow, eroding demand for haven assets.

Meanwhile, gold prices dropped by 1.73 per cent to USD 1,267.70 an ounce in New York yesterday.