Gold falls on profit-booking, weak global cues

Fed's decision to extend stimulus measure for six months to boost the flagging economy put pressure on prices

Amid profit-booking by speculators after recent gains and a weakening trend overseas, gold futures today fell to Rs 30,149 per 10 grams.

At the MCX, gold for delivery in August fell by Rs 140, or 0.46%, to Rs 30,149 per 10 grams, with a business turnover of 1,164 lots.

The October contract shed Rs 135, or 0.44%, to Rs 30,457 per 10 grams, with a business turnover of 63 lots.

Analysts said besides profit-booking by speculators at prevailing higher levels, a weak trend overseas after the Federal Reserve extended stimulus measure for six months to boost the flagging economy put pressure on gold futures here.

Meanwhile in Singapore, gold traded 0.6% lower at $1,597.50 an ounce.