Gold futures succumb to profit-booking, weak global cues

August and October contracts both shed about 0.4%, as speculators sell

Amid profit-booking by speculators at record levels and a weakening trend overseas, gold futures prices today fell by 0.44% to Rs 29,933 per 10 grams.

At the Multi Commodity Exchange, August gold shed Rs 132, or 0.44%, to Rs 29,933 per 10 grams, with a business turnover of 1,602 lots.

The October contract was down Rs 125, or 0.41%, to Rs 30,280 per 10 grams in 61 lots.

Analysts said besides profit-booking by speculators at prevailing record levels and a weak trend in Asian region, mainly led to a decline in gold prices at futures trade.

Meanwhile in Singapore, gold traded lower at $1,619.82 an ounce, slipping from one-month high of $1,641.03 yesterday.