Gold down Rs 81 in futures trade on profit-booking

Gold prices drifted lower by Rs 81 to Rs 30,585 per 10gram in futures trade today as participants lightened their positions to book profits at existing higher levels even as the precious metal climbed overseas.
In futures trade, gold for delivery in December was Rs 81 or 0.26 per cent down at Rs 30,585 per 10 gram at the Multi Commodity Exchange with a business turnover of 422 lots.
The metal for delivery in February contracts fell by Rs 76 or 0.25 per cent to Rs 30,525 per 10 gram in 25 lots.
Analysts said the fall in gold prices at futures trade was mostly attributed to profit-booking by participants at higher levels despite a firm trend overseas where the precious metals strengthened.

Globally, gold rose 0.64 per cent to USD 1,304.80 an ounce in Singapore. Yesterday, prices rallied to a four-week high of USD 1,308.02 on haven demand as global equities fell for the sixth time in seven days.