Gold futures decline 0.30% on profit-booking

Tuesday, May 3, 2016,12:18 IST By metrovaartha A A A

New Delhi | Gold prices moved down by 0.30 per cent to Rs 30,204 per 10 ten grams in futures trading Tuesday as participants booked profits at prevailing higher levels even as the precious metal glittered overseas.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 90, or 0.30 per cent to Rs 30,204 per ten grams in a business turnover of 2,444 lots.

Likewise, the yellow metal for delivery in far-month August traded lower by Rs 55, or 0.18 per cent to Rs 30,445 per ten grams in 298 lots. Analysts attributed the fall in gold futures to profit-booking by traders at existing levels but a firm trend overseas on speculation that the US central bank will be slow to tighten policy further, bolstering the metals appeal as the dollar sagged.

Globally, gold rose 0.2 per cent to USD 1,294.68 an ounce in Singapore from yesterday’s USD 1,291.55 after it soared to USD 1,303.82 an ounce.