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Gold futures down on weak Asian cues, profit-booking

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Press Trust of India New Delhi

Gold futures prices fell by 0.40% to Rs 27,050 per 10 grams today, tracking a weak trend overseas.

In addition, profit-booking by speculators also kept pressure on the gold prices at futures trade here.

At the Multi Commodity Exchange, December gold fell by Rs 228, or 0.82%, to Rs 27,330 per 10 grams, with a business turnover of 1,235 lots.

The February contract edged lower by Rs 220, or 0.80%, to Rs 27,650 per 10 grams, with a trade volume of 52 lots.

Market analysts said offloading of positions by speculators, taking weak cues from Asian trade after the dollar strengthened, curbing demand for the precious metals.

They said, profit-booking at prevailing levels by speculators also put pressure on the gold prices at futures trade here.

Meanwhile, gold fell by 1.3% to $1,723.90 an ounce in Singapore.

 

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First Published: Oct 31 2011 | 11:07 AM IST

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