TI:Gold futures down 1.13% on global cues, profit booking
NEW DELHI: Gold futures prices on Friday fell by 1.13 per cent to Rs 27,618 per 10 grams as speculators offloaded their positions, taking weak cues from the global market.
Besides, profit-booking by speculators also put pressure on gold futures.
At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 316, or 1.13 per cent, to Rs 27,618 per 10 grams in business turnover of 2,925 lots.
Similarly, metal prices for delivery in August declined by Rs 220, or 0.78 per cent, to Rs 28,000 per 10 grams in 100 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as US economic data backed the case for less stimulus amid strengthening dollar, reducing appeal for the precious metal as an alternative investment .
Globally, gold prices fell 0.6 per cent to trade at a two-week low of USD 1,302.94 an ounce in Singapore.
