Gold futures succumb to profit-booking, global cues | business | Hindustan Times
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Gold futures succumb to profit-booking, global cues

business Updated: Aug 29, 2011 10:52 IST

PTI
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Gold futures fell by 1.87% to Rs 27120 per 10 grams on Monday, snapping a three-session winning streak amid profit-booking by speculators and a declining trend in prices of the precious metal overseas.

At the Multi Commodity Exchange, the most-actively traded contract for October delivery fell by Rs 518, or 1.87%, to Rs 27,120 per 10 grams, with a business turnover of 1926 lots.

The metal had closed 2.7% higher at Rs 27638 per 10 grams in the previous session.

imilarly, gold for delivery in December fell by Rs 487, or 1.75%, to Rs 27401 per 10 grams.

Analysts attributed the fall in gold futures to profit-booking by speculators at prevailing higher levels and a weak trend overseas, where gold prices drifted southward after US Federal Reserve Chairman Ben Bernanke said that the American economy's growth will recover in the long-term, raising speculation that the central bank may not announce a stimulus, which eroded the appeal of the precious metal.

Globally, gold was trading 0.3% lower at USD 1822.55 an ounce in Singapore. The metal has lost as much as 11 percent from its all-time high of USD 1913.50 per ounce on August 23.