Gold futures down on weak global cues, profit-booking

Aug 12 2014, 11:26 IST
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SummaryAt the Multi Commodity Exchange, gold for delivery in October eased by Rs 63, or 0.22 per cent, to Rs 28,570 per 10 grams.

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.22 per cent to Rs 28,570 per 10 grams in futures trade today.

At the Multi Commodity Exchange, gold for delivery in October eased by Rs 63, or 0.22 per cent, to Rs 28,570 per 10 grams in a business turnover of 377 lots.

Likewise, the metal for delivery in far-month December shed Rs 58, or 0.20 per cent, to Rs 28,575 per 10 grams in 2 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets as easing tensions in the Middle East and Ukraine boosted global equities, damping demand for the metal as an alternative investment, weighed on gold futures here.

Globally, gold traded 0.20 per cent lower at USD 1,306.48 an ounce in Singapore today.

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