Gold futures down on profit taking, global cues

Gold futures prices moved further down by 0.86 per cent, continuing its yesterday's slide, as speculators engaged in booking profits amid weak trend in the global markets.

Subdued demand at prevailing higher levels at the spot markets also put some pressure on the gold prices at futures trade.

At the Multi Commodity Exchange, gold for delivery in April declined by Rs 182, or 0.86 per cent, to Rs 20,914 per 10 grams, with a business turnover of two lots.

The yellow metal for delivery in June traded Rs 170, or 0.79 per cent, lower at Rs 21,230 per 10 grams, with a trade volume of two lots. Meanwhile, in Chennai, standard gold opened Rs 110 lower at Rs 20,865 per ten gram. 

Analysts said profit taking by speculators on existing high levels and reports of overnight weakness in gold at New York, mainly pushed down the gold prices.

Gold fell by $9.60 to $1,402.10 an ounce in New York last evening.