Gold futures fall on weak global cues, profit-booking

Written by Press Trust of India | New Delhi | Updated: Aug 18 2014, 17:59pm hrs
Gold prices fell 0.82 per cent to Rs 28,420 per 10 grams in futures trade today amid a weak trend overseas and profit-booking by speculators.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 236, or 0.82 per cent, to Rs 28,420 per 10 grams in a business turnover of 14 lots.

Likewise, the metal for delivery in October shed Rs 224, or 0.78 per cent, to Rs 28,390 per 10 grams in 537 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets as the outlook for an improving US economy outweighed tension in Ukraine, weighed on gold prices at futures trade here.

Globally, gold traded 0.6 per cent lower at USD 1,297.46 an ounce Singapore today.