Gold futures down on profit-taking, global cues
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.