New Delhi: Gold prices fell sharply by Rs264 to Rs27,600 per tens in futures trade on Tuesday amid a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange (MCX), gold for delivery in February fell by Rs264, or 0.95%, to Rs27,600 per 10 grams in a business turnover of 497 lots. Likewise, the metal for delivery in far-month April was down by Rs237, or 0.85%, to Rs27,764 per 10 grams in 42 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets before Federal Reserve policy makers meet, weighed on gold prices at futures trade here.

Globally, gold dropped 0.7% to $1,272.44 an ounce Singapore today, the lowest level since 19 January.