Gold down 0.13% on profit-booking, global cues

Price consolidation after gold reached over four-month high yesterday led to the fall

Amid profit-booking by speculators at record levels and a weakening overseas trend, gold futures today fell by 0.13% to Rs 31,126 per 10 grams.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 40, or 0.13%, to Rs 31,126 per 10 grams, with a business turnover of 169 lots.

October gold shed Rs 38, or 0.12%, to Rs 30,457 per 10 grams, with a business turnover of 2,181 lots.

"Despite today's fall, sentiment in gold remained bullish and it may bounce back soon," said an analyst.

Marketmen said besides profit-booking by speculators at prevailing record levels, a weak trend overseas as prices consolidated after reaching over four-month high in yesterday's trade, led to the fall in gold prices at futures trade.

 

Meanwhile in Singapore, gold traded 0.24% lower at $1,667.10 an ounce.