Gold futures fall to Rs. 29,167 per 10 gm

New Delhi-India (Apr 8)  Gold prices drifted 0.27 per cent to Rs. 29,167 per 10 ten grams at the futures trade as speculators indulged in profit-booking at prevailing levels, even as the metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in far-month August fell Rs. 78 or 0.27 per cent to Rs. 29,167 per 10 grams in a business turnover of two lots.

Similarly, the metal for delivery in June traded lower by Rs. 68 or 0.23 per cent to Rs. 28,992 per 10 grams in 344 lots.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels.

A firm trend overseas, where gold prices jumped 1.5 per cent yesterday as investors scaled back expectations for further interest-rate increases in the US, raised the appeal of the yellow metal as a store of value.

Globally, gold was trading at $1,237.07 an ounce in Singapore.

Source: BusinessLine