Gold futures surrender early gains on global cues, shed 0.76%

After remaining higher in early trade, gold prices slipped by 0.76% to Rs 26,162 per ten grams in futures trade today.

After remaining higher in early trade, gold prices slipped by 0.76% to Rs 26,162 per ten grams in futures trade on Tuesday.

At the Multi Commodity Exchange, the most-active delivery in June contracts fell by Rs 201,or 0.76% to Rs 26,162 per ten gram in a turnover of 18,329 lots. It touched a high of Rs 26,448 at the outset.

On similar lines, gold for delivery in far-month August after rising to Rs 26,844, reversed initial gains to trade Rs 203, or 0.76%, to Rs 26,562 per 10 gm in 463 lots.

Market analysts said besides profit-booking by speculators, fall in gold and and other commodity prices in the global markets after data showed China’s manufacturing expanded at a slower pace, washed out initial gains in gold at futures trade in New Delhi.

Globally, gold fell by one% to to USD 1,412.43 per ounce in Singapore after rising 0.5% in opening trade.