Gold slips 0.5% on profit-booking, global cues

Investors sold the metal after it rallied to a six-month high of Rs 31,649 yesterday

After hitting a record high in yesterday's trade, gold future prices fell 0.51% to Rs 31,302 per 10 grams today as speculators indulged in booking profits amid a weakening trend overseas.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 165, or 0.51%, to Rs 31,302 per 10 grams, with a business turnover of 1,929 lots.

It had zoomed to a record high of Rs 31,649 in yesterday's trade.

December gold moved down by Rs 155, or 0.48%, to Rs 31,685 per 10 grams, with a business turnover of 97 lots.

Marketmen said besides profit-booking by speculators at high levels, a weak trend overseas led to the fall in gold prices.

 

Some investors sold the metal after it rallied to a six-month high on a plan by European Central Bank to tame the region's debt crisis with bond-purchase programme.

Meanwhile in Singapore, gold traded 0.3% lower at $1,695 an ounce.

It had climbed to $1,713.68 an ounce, the most expensive position since March 12 in yesterday's trade.