AA:Gold futures down on weak global cues, profit-booking
Gold futures prices on Tuesday moved down by 0.22 per cent to Rs. 30,092 per 10 grams after participants locked in gains amid a weak trend in the global market.
At the Multi Commodity Exchange, gold for delivery in April eased by Rs. 65, or 0.22 per cent, to Rs. 30,092 per 10 gm in business turnover of 702 lots.
Likewise, the metal for delivery in far-month June shed Rs. 41, or 0.14 per cent, to Rs. 29,660 per 10 gm in 40 lots.
Analysts said besides profit-booking by speculators, a weak trend overseas on expectations that the Federal Reserve will continue slowing stimulus in the US and the metal’s advance may deter physical purchases, weighed on gold prices.
Globally, gold fell 0.5 per cent to USD 1,321.73 an ounce in Singapore on Tuesday after touching USD 1,332.45, the highest level since October 31.
