Commodities

Gold futures down on profit-booking, global cues

PTI New Delhi | Updated on May 16, 2011 Published on May 16, 2011

Gold prices fell by 0.31 per cent to Rs 22,185 per 10 gram at the futures trade today amid profit-booking by speculators and a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in August declined by Rs 69 or 0.31 per cent to Rs 22,185 per 10 grams with a business turnover of two lots.

Similarly, the yellow metal for delivery in June shed Rs 63 or 0.29 per cent to Rs 21,898 per 10 grams with a business volume of a single lot. It had gained 0.2 per cent to Rs 21,961 per 10 grams in the previous session.

Gold for delivery in December also fell by Rs 65 or 0.28 per cent to Rs 22,891 per 10 gram with a trade volume of two lots.

Analysts said besides profit-booking by speculators, a weakening trend overseas due to a stronger dollar, reduced the appeal of precious metals as an alternative investment.

In the Asian region, gold shed $6 to $1,489.20 an ounce.

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Published on May 16, 2011
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