Gold futures down on weak global cues, profit-booking

Apr 29 2014, 13:45 IST
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SummaryAmid a weak trend overseas and profit-booking by speculators, gold prices fell 0.45 per cent to Rs 28,840 per 10 grams in futures trade today.

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.45 per cent to Rs 28,840 per 10 grams in futures trade today.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 130, or 0.45 per cent, to Rs 28,840 per 10 grams in a business turnover of 325 lots.

Likewise, the metal for delivery in far-month August shed Rs 73, or 0.26 per cent, to Rs 28,329 per 10 grams in 12 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets on speculation that the Federal Reserve will further reduce US monetary stimulus as it starts a two-day policy meeting today, put pressure on the gold prices at futures trade here.

Globally, gold traded lower at USD 1,295.69 an ounce from USD 1,296.74 in Singapore today.

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