Profit-booking pulls gold futures down to Rs 31,220

Mumbai-India (May 17)  Gold prices softened 0.11 per cent to Rs 31,220 per 10 grams at the futures trade as speculators trimmed their positions to book profits even as the precious metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in far-month August declined by Rs 33 or 0.11 per cent to Rs 31,220 per 10 grams in a business turnover of 29 lots. Likewise, the metal for delivery in June shed Rs 26 or 0.08 per cent to Rs 30,971 per ten grams in 182 lots.

Market analysts said offloading of positions by participants to book profits mainly led to the decline in gold prices. Globally, gold rose 0.07 per cent to $1,291.10 an ounce in Singapore today.

BusinessLine