Gold futures down due to profit-booking, weak global cues

Last Updated: Friday, August 24, 2012 - 15:12

New Delhi: Amid profit-booking by speculators at record levels and a weakening trend overseas, gold futures Friday fell by 0.13 percent to Rs 31,126 per 10 grams.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 40, or 0.13 percent, to Rs 31,126 per 10 grams, with a business turnover of 169 lots.

Similarly, the yellow metal for delivery in October shed Rs 38, or 0.12 percent, to Rs 30,457 per 10 grams, with a business turnover of 2,181 lots.

"Despite today's fall, sentiment in gold remained bullish and it may bounce back soon," said an analyst.

Marketmen said besides profit-booking by speculators at prevailing record levels, a weak trend overseas as prices consolidated after reaching over four-month high in yesterday's trade, led to a fall in gold prices at futures trade.

Meanwhile in Singapore, gold traded 0.24 percent lower at USD 1,667.10 an ounce.

PTI

First Published: Friday, August 24, 2012 - 15:10

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