Gold & Silver

Gold slips on profit-taking, global cues

PTI New Delhi | Updated on April 19, 2011 Published on April 19, 2011

Analysts said profit-taking by speculators at record high levels and weak trend overseas where the precious metal declined, put pressure on the gold futures prices here. PHOTO M. Karunakaran   -  The Hindu

Gold futures slipped by 0.19 per cent to Rs 21,835 per ten grams after hitting record high in yesterday’s trade, as speculators indulged in booking profits amid a weak trend in the global markets.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 42 or 0.19 per cent to Rs 21,793 per ten gram, with a business turnover of three lots.

It closed 1.2 per cent higher at Rs 21,835 per ten grams, after galloping to a record high of Rs 21,857 per ten grams in yesterday’s trade.

Analysts said profit-taking by speculators at record high levels and weak trend overseas where the precious metal declined, put pressure on the gold futures prices here.

Globally, gold weakened by 0.4 per cent to $1,490.03 an ounce in Singapore, after touching an all-time high of $1,497.90 an ounce yesterday.

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Published on April 19, 2011
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