Gold futures fall 0.27% on profit-booking

New Delhi: Gold prices drifted by 0.27 percent to Rs 29,167 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels, even as metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in far-month August fell by Rs 78 or 0.27 percent to Rs 29,167 per 10 grams in a business turnover of 2 lots.

Similarly, metal for delivery in June contracts traded lower by Rs 68 or 0.23 percent to Rs 28,992 per 10 grams in 344 lots.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels.

A firming trend overseas where gold prices jumped 1.5 percent yesterday as investors scaled back expectations for further interest-rate increases in the US, raising the appeal of the metal as a store of value.

Globally, gold was trading at USD 1,237.07 an ounce in Singapore.