Gold futures slip from record levels on weak global trend

Amid profit-booking at record levels by speculators and a weak trend overseas, gold futures slipped by 0.53% from their record level to Rs 27,450 per 10 grams on Wednesday.

Amid profit-booking at record levels by speculators and a weak trend overseas, gold futures slipped by 0.53% from their record level to Rs 27,450 per 10 grams on Wednesday.

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At the Multi Commodity Exchange, gold for delivery in October fell by Rs 147, or 0.53%, to Rs 27,450 per 10 grams, with a business turnover of 1,665 lots. It had galloped to a record high of Rs 28,284 per 10 grams in Tuesday's volatile session.

Gold for delivery in December also lost Rs 146, or 0.52%, to Rs 27,710 per 10 grams, with a trade turnover of 72 lots.

Analysts said profit-booking by speculators at record high levels and a weak trend overseas, where the precious metal slipped from its record level of $1,913.50 an ounce, mainly led to the fall in gold prices in futures trade here.

Also, a weak trend in precious metals in the domestic spot market at prevailing record levels also weighed on gold prices in futures trade here, they said.

Globally, gold fell sharply by $68 to $1,830.10 an ounce in New York last night.