Gold futures dip on on weak cues; crude oil gains steam

Gold futures traded lower by Rs 192 at Rs 38,280 per 10 gram on Tuesday due to profit-booking by participants, in tandem with tepid trend in overseas markets.

Gold for October delivery was trading lower by Rs 192, or 0.50 per cent, at Rs 38,280 per 10 gram in a business volume of 2,370 lots.

The yellow metal for December delivery fell by Rs 195, or 0.50 per cent, to Rs 38,773 per 10 gram in 282 lots.

The fall in gold futures here was mostly due to profit-booking by participants at the domestic market, analysts said.

Globally, gold prices were trading 0.81 per cent lower at USD 1,498.90 an ounce in New York.

Crude oil prices, however, rose 1.06 per cent to Rs 4,207 per barrel as speculators created fresh positions on firm global cues.

On the Multi Commodity Exchange, crude contracts for September delivery traded higher by Rs 44, or 1.06 per cent, at Rs 4,207 barrel in 25,645 lots.

The West Texas Intermediate was trading 0.90 per cent higher at USD 58.37. Meanwhile, Brent crude, the international benchmark, rose 0.86 per cent to USD 63.13 per barrel in New York.