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Gold futures decline Rs 149 on profit-booking

Tuesday, Feb 28, 2017,12:12 IST By joji A A A

New Delhi | Gold prices fell by Rs 149 to Rs 29,561 per 10 ten grams in futures trading today as participants indulged in profit-booking at prevailing levels amid a weak trend overseas.

At the Multi Commodity Exchange gold for delivery in April declined by Rs 149, or 0.50 per cent, to Rs 29,561 per 10 grams in a business turnover of 630 lots.

Similarly, metal for delivery in far-month June eased by Rs 120, or 0.40 per cent, to Rs 29,623 per ten grams in four lots.

Analysts attributed the fall in gold futures to profit-booking by traders at existing levels and a weak trend in global market as investors keenly awaited the Donald Trump’s policy speech to a joint session of Congress later today where he is expected to provide clues on his plans to cut taxes.

Globally, gold fell 0.38 per cent to USD 1,252.10 an ounce in New York yesterday.