Gold down 0.2% on profit-booking

Gold prices fell by Rs 56 to Rs 29,206 per 10 gram in futures trading today as participants indulged in profit-booking at prevailing levels even as precious metals strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in June was trading lower by Rs 56, or 0.19%, to Rs 29,206 per 10 gram, in a business turnover of 567 lots.

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Similarly, metal for delivery in far-month August eased by Rs 47, or 0.16%, to Rs 29,436 per 10 gram in seven lots.

Analysts attributed the fall in gold futures to profit-booking by traders at existing levels but metal's gain in global market after new-home sales in the US unexpectedly declined, highlighting economic-growth concerns that helped boost demand for the metal as a safe haven, capped the losses.

Globally, gold rose 0.46% to $1,237.90 an ounce in New York yesterday.