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Gold futures down on profit-booking, global cues

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Press Trust of India New Delhi

Gold prices fell by 0.31% to Rs 22,185 per 10 gram in futures trade today amid profit-booking by speculators and a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in August declined by Rs 69, or 0.31% to Rs 22,185 per 10 grams, with a business turnover of two lots.

Similarly, the yellow metal for delivery in June shed Rs 63, or 0.29% to Rs 21,898 per 10 grams, with a business volume of a single lot.

It had gained 0.20% at Rs 21,961 per 10 grams in the previous session.

Gold for delivery in December also fell by Rs 65, or 0.28% to Rs 22,891 per 10 gram, with a trade volume of two lots.

 

Analysts said besides profit-booking by speculators, a weakening trend overseas as a stronger dollar reduced the appeal of precious metals as an alternate investment.

In the Asian region, gold shed $6 to $1,489.20 an ounce.

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First Published: May 16 2011 | 12:30 PM IST

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