Gold futures fall on profit-taking, global cues

Gold prices fell by Rs 70 to Rs 20,595 per ten gram in futures trading today, as speculators indulged in booking profits at prevailing higher levels,driven by a fall in spot market demand.

Weakening trend in overseas market also influenced the trading sentiment.

At the Multi Commodity Exchange, gold for February month fell by Rs 70 or 0.34 per cent to Rs 20,595 per ten gram in single lot.

In a similar fashion, the yellow metal for delivery in December month declined by Rs 67 or 0.33 per cent to Rs 20,445 per ten gram in business turnover of 3 lots.

Analysts said that apart from profit-bookings by speculators at existing higher levels, fall in demand in the spot market led to the fall in gold prices at futures trade.

They said weakening trend in the Asian region further fueled the downtrend.

Meanwhile, gold declined by $1.50 to $1,375 an ounce in Asian region.