Gold futures trade lower on profit-selling

Gold futures receded marginally in early trade on the Multi Commodity Exchange (MCX) today as speculators indulged in profit-booking at existing higher levels, influenced by a subdued demand in the spot markets.

At 1145 hours on the MCX counter, gold for the most-active August contract weakened by 0.13 per cent to Rs 14,851 per 10 gram, with an open interest for 13,975 lots.

The metal for delivery in October traded 0.08 per cent lower at Rs 14,852 per 10 gram, clocking of 1,033 lots.

Traders attributed the fresh fall in gold prices to speculators indulging in booking profits at existing higher levels.

They said subdued demand in the spot markets due to off- marriage season, also weighed on the prices.