Gold futures decline Rs 77 on profit-booking, global cues

Gold prices fell by Rs 77 to Rs 29,534 per 10 grams in futures trade today as participants went for profit-booking at prevailing levels amid a weak trend overseas.

In futures trade at the Multi Commodity Exchange, gold for delivery in December shed Rs 77, or 0.26 per cent, at Rs 29,534 per 10 grams in a business turnover of 221 lots.

Similarly, metal for delivery in far-month February 2018 eased Rs 57, or 0.19 per cent, to Rs 29,686 per 10 grams in a modest volume of just 2 lots.

Analysts attributed the fall in gold futures to profit- booking by traders at the existing level and weakness in precious metals in the global market amid uncertainty over a US tax reform plan.
 

Globally, gold was trading 0.14 per cent lower at USD 1,276.10 an ounce in Singapore today.