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Gold futures down on weak global cues, profit-booking

Buzz that US Fed will continue slowing stimulus weighs on gold prices

<a href="http://www.shutterstock.com/pic-115284682/stock-photo-many-gold-bars-background.html?src=QiSnLYS6ChuD3R-AfZRaag-1-34" target="_blank">Gold</a> image via Shutterstock

Press Trust of India New Delhi
Gold futures prices today moved down by 0.22 per cent to Rs 30,092 per 10 grams after participants locked in gains amid a weak trend in the global market.
    
At the Multi Commodity Exchange, gold for delivery in April eased by Rs 65, or 0.22 per cent, to Rs 30,092 per 10 gm in business turnover of 702 lots.
    
June gold shed Rs 41, or 0.14 per cent, to Rs 29,660 per 10 gm in 40 lots.
    
Analysts said besides profit-booking by speculators, a weak trend overseas on expectations that the Federal Reserve will continue slowing stimulus in the US and the metal's advance may deter physical purchases, weighed on gold prices.
 
    
Globally, gold fell 0.5 per cent to USD 1,321.73 an ounce in Singapore today after touching USD 1,332.45, the highest level since October 31.

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First Published: Feb 18 2014 | 12:00 PM IST

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