Gold falls Rs 58 in futures trade on profit-booking

Thursday, Feb 18, 2016,11:36 IST By metrovaartha A A A

New Delhi | Gold prices fell Rs 58 to Rs 29,091 per 10 grams in futures trade Thursday as participants cut down their bets to book profits even as the precious metal strengthened overseas. At the Multi Commodity Exchange, gold for delivery in far-month June was trading lower by Rs 58, or 0.20 per cent, at Rs 29,091 per 10 grams in a business turnover of just 3 lots. Also, the metal for delivery in April shed Rs 53, or 0.18 per cent, to Rs 28,835 per 10 grams in 323 lots.

Analysts said profit-booking by speculators at prevailing levels mainly led to the fall in gold prices at futures trade here but metal’s gain overseas, capped the losses.

Globally, gold advance to trade at USD 1,208.76 an ounce in Singapore from USD 1,208.50 on speculation that the US central bank will probably slow the pace of rate increases this year as global market turmoil and weaker growth impact the world’s largest economy.