Gold futures soften on profit-booking, global cues

Gold futures prices declined by Rs. 53 to Rs. 29,196 per 10 grams today, as speculators booked profits at existing higher levels amid a weakening global trend.

At the Multi Commodity exchange, gold for delivery in February declined by Rs. 53, or 0.18 per cent, to Rs. 29,196 per 10 grams, with a business turnover of 513 lots.

Similarly, the metal for delivery in December lost Rs. 40, or 0.14 per cent, to Rs. 28,898 per 10 grams, with a trade volume of 6,784 lots.

Market analysts said besides profit-booking by speculators at existing higher levels, reports of a weakening global trend mainly led to the decline in gold futures prices.

Meanwhile, gold dropped by 0.8 per cent to $ 1,765.53 an ounce in Singapore.