Gold futures drop Rs 150 on weak global cues

New Delhi: Gold futures fell by Rs 150 to Rs 26,610 per 10 grams on Thursday as speculators reduced their exposures amidst a weak global trend.

At the Multi Commodity Exchange, gold for delivery in June dropped by Rs 150, or 0.56 per cent, to Rs 26,610 per 10 grams in a business turnover of 452 lots.

On similar lines, the metal for delivery in August shed Rs 147, or 0.55 per cent, to Rs 26,765 per 10 grams in 3 lots.

Market analysts said the fall in gold futures was mostly in tandem with a weak trend overseas after minutes from the Federal Reserve's last meeting showed that some policy makers favoured raising interest rates in June.

Meanwhile, gold prices fell by 0.3 per cent to USD 1,198.97 an ounce in Singapore today.