Gold futures decline Rs. 56 on profit-booking

Mumbai-India (Apr 26)  Gold prices fell by Rs. 56 to Rs. 29,206 per 10 gram in futures trading today as participants indulged in profit-booking at prevailing levels even as precious metals strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in June was trading lower by Rs. 56, or 0.19 per cent, to Rs. 29,206 per 10 gram, in a business turnover of 567 lots.

Similarly, metal for delivery in far-month August eased by Rs. 47, or 0.16 per cent, to Rs. 29,436 per 10 gram in seven lots.

Analysts attributed the fall in gold futures to profit-booking by traders at existing levels but metal’s gain in global market after new-home sales in the US unexpectedly declined, highlighting economic-growth concerns that helped boost demand for the metal as a safe haven, capped the losses.

Globally, gold rose 0.46 per cent to USD 1,237.90 an ounce in New York yesterday.

Source: BusinessLine