Gold Futures Down on Weak Asian Cues, Profit-Bbooking

Monday, October 31, 2011   |    1 Comments
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New Delhi: Gold futures prices fell by 0.40 percent to Rs. 27,050 per 10 grams on Monday, tracking a weak trend overseas. In addition, profit-booking by speculators also kept pressure on the gold prices at futures trade. At the Multi Commodity Exchange, gold for delivery in December fell by Rs. 228, or 0.82 percent, to Rs. 27,330 per 10 grams, with a business turnover of 1,235 lots. Similarly, the metal for delivery in far-month February edged lower by Rs. 220, or 0.80 percent, to Rs. 27,650 per 10 grams, with a trade volume of 52 lots. Market analysts said offloading of positions by speculators, taking weak cues from Asian trade after the dollar strengthened, curbing demand for the precious metals. They said, profit-booking at prevailing levels by speculators also put pressure on the gold prices at futures trade. Meanwhile, gold fell by 1.3 percent to $1,723.90 an ounce in Singapore.
Source: PTI
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