Business News

Gold futures drop Rs 57 on profit-booking

Gold futures drop Rs 57 on profit-booking

New Delhi: Gold futures traded lower by Rs 57 at Rs 29,216 per 10 grams on Monday as speculators trimmed positions to book profits even as the metal strengthened overseas.

Gold for delivery in December dropped Rs 57, or 0.19 per cent, to Rs 29,216 per 10 grams in a business turnover of 8 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in October was trading down Rs 48, or 0.16 per cent, to Rs 29,115 per 10 grams in 446 lots.

Market analysts said the fall in gold futures was mostly attributed to profit-booking by participants but a better trend overseas, limited the fall.

Meanwhile, gold prices rose 0.06 per cent to USD 1,285 an ounce in Singapore.

PTI