Gold futures decline on profit-booking

Gold prices declined by Rs 68 to Rs 29,040 per 10 grams in futures trade today as speculators booked profits at existing higher levels on the back of a weak spot market trend due to sluggish demand.

At the Multi Commodity Exchange, gold for delivery in February declined by Rs 68, or 0.23%, to Rs 29,040 per 10 grams, with a business turnover of 620 lots.

Similarly, the metal for delivery in December shed Rs 62, or 0.22%, to Rs 28,737 per 10 grams, with a trade volume of 8,007 lots.

Marketmen said besides profit-bookings by speculators at existing higher levels, subdued demand in the spot market mainly led to the decline in gold futures prices.