Gold futures down on profit-taking, global cues

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New Delhi: Gold futures slipped by 0.35 per cent to Rs. 23,252 per 10 grams amid profit-booking by speculators and overnight weakness in the precious metal 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, gold for delivery in August 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 in yesterday’s trade.

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.

Gold 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 $ 1,610.70, as debt concerns in Europe and the U.S. spurred the demand for the metal as a protection of wealth.

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