Gold futures fell 1.2 per cent from the Thursday’s record high on overnight global guidance and profit booking by investors amid fear of imminent major correction.
The most traded contract for delivery in December slipped by Rs 203 in early Friday trade from the Thursday’s peak level of Rs 16884 per 10 gram as strong dollar reduces the metal’s appeal as an alternative investment option.
In spot market also the metal opened low with price for 0.999 purity hovered around Rs 16750 per 10 gram, a decline of around Rs 140 from the previous close.
Pure gold also followed suit and remained traded at Rs 16820 per 10 gram.