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Gold futures slide on weak global cues, profit-booking
Highlights
Gold futures fell by 0.33 percent to Rs 24,816 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices. At Multi Commodity Exchange, gold prices for delivery in August fell Rs 83, or 0.33 per cent, to Rs 24,816 per 10 grams in business turnover of 369 lots.
Gold futures fell by 0.33 percent to Rs 24,816 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices. At Multi Commodity Exchange, gold prices for delivery in August fell Rs 83, or 0.33 per cent, to Rs 24,816 per 10 grams in business turnover of 369 lots.
Also, the metal for delivery in far-month October declined Rs 73, or 0.29 per cent, to Rs 25,045 per 10 grams in 48 lots. Analysts attributed fall in prices to weak trend overseas where the precious metal declined to near five-year lows as investors weighed the prospects for a US interest rate rise with Federal Reserve policy makers scheduled to meet today. Meanwhile, gold traded little changed at USD 1,094.46 an ounce in Singapore
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