Gold futures decline on global cues

| Updated on: May 03, 2011
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Gold futures slipped by 0.30 per cent to Rs 22,557 per 10 grams amid profit-booking by speculators and overnight weakness in the precious metals at New York.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 69 or 0.30 per cent to Rs 22,557 per 10 gram, with a business turnover of five lots.

It closed 0.85 per cent lower at Rs 22,626 per 10 grams.

Similarly, gold for delivery in August fell by Rs 68 or 0.30 per cent to Rs 22,855 per 10 grams.

Analysts said profit-taking by speculators at record high levels and a weak trend overseas, where the precious metal declined, led to the decline in futures prices here.

Globally, gold plunged by 1.28 per cent to $1,545.60 an ounce in New York last evening, after touching an all-time high of $1,576.40 an ounce.

Published on May 03, 2011

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