Gold futures fall by Rs 66 on profit-booking, global cues

Gold prices drifted lower by 0.23 per cent to Rs 29,235 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 66, or 0.23 per cent, to Rs 29,235 per 10 grams in a business turnover of 515 lots.

Similarly, metal for delivery in far-month June contracts traded lower by Rs 62, or 0.21 per cent, to Rs 29,290 per 10 grams in 1 lot.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels and a weak trend overseas as higher dollar reduced the precious metal's appeal as a safe haven.

Globally, gold fell 0.13 per cent to $1,235.40 an ounce in New York yesterday.