Gold futures fall 0.26 per cent on global cues, profit booking

NEW DELHI, Oct 23: Gold prices fell by 0.26 per cent to Rs 29,478 per 10 grams in futures trading today as participants trimmed their positions to lock-in gains amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 76, or 0.26 per cent to Rs 29,478 per ten grams in business turnover of 541 lots.

Similarly, the yellow metal for delivery in far-month February next year contracts traded lower by Rs 48, or 0.16 per cent to Rs 29,524 per ten grams in 16 lots.

Analysts said apart from profit-booking by participants after recent gains, a weakening trend in the overseas markets where gold declined as the dollar strengthened, reducing appeal of the precious metals a safe haven, mainly weighed on gold prices at futures trade here.

Meanwhile, gold fell 0.32 per cent to USD 1,276.42an ounce in Singapore today. (PTI)


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