Commodities

Gold futures down on profit-taking

PTI New Delhi | Updated on November 12, 2017 Published on July 20, 2011

Gold futures slipped by 0.35 per cent to Rs 23,252 per 10 gram amid profit-booking by speculators and overnight weakness at New York.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 82 or 0.35 per cent to Rs 23,252 per 10 gram with a business turnover of 615 lots. Similarly, August contract fell by Rs 77 or 0.33 per cent to Rs 22,963 per 10 grams. It had touched a record high of Rs 23,320 per 10 gram yesterday.

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

The yellow metal plunged by $16.30 or 1.02 per cent to $1,588.80 an ounce in New York last evening, after touching an all-time high of USD 1,610.70, as debt concerns in Europe and the US spurred the demand for the metal as a protection of wealth.

Published on July 20, 2011
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