Gold futures drop by Rs 191 on profit-booking

New Delhi, Jan 13 : Gold futures prices declined by Rs 191, or 0.69 per cent, to Rs 27,474 per 10 grams today as speculators booked profits at existing higher levels amid a weakening trend in the Asian region.

At the Multi Commodity exchange, gold for delivery in February fell by Rs 191, or 0.69 per cent, to Rs 27,474 per 10 grams, with a business turnover of 3,174 lots.

Similarly, the metal for delivery in far-month April lost Rs 174, or 0.62 per cent, to Rs 27,848 per 10 grams, with a trade volume of 268 lots.

A weakening trend in the Asian region as signs that Europe's debt crisis was easing curbed demand for the precious metal as an alternative investment, analysts said.

Meanwhile, gold dropped by 0.50 per cent to USD 1,61.57 an ounce in early trade today in Singapore.

PTI