Gold futures slip on weak global cues, profit-booking

Gold futures slip on weak global cues, profit-booking
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New Delhi: Gold futures on Wednesday fell 0.09 per cent to Rs 29,130 per 10 grams as participants cut bets amid weak global sentiment. Besides, profit-booking by speculators also weighed on prices.

At Multi Commodity Exchange, prices for delivery in February contracts fell Rs 26, or 0.09 per cent, to Rs 29,130 per 10 grams in a business turnover of 94 lots.

Also, the metal for delivery in far-month April declined Rs 18, or 0.06 per cent, to Rs 29,104 per 10 grams in 4 lots.

Analysts attributed fall in prices to weak trend overseas as the dollar strengthened against major currencies overseas, reducing appeal of the precious metal as a safe haven and profit-booking by speculators at prevailing levels.

Meanwhile, the yellow metal traded 0.25 per cent down at USD 1,309.30 an ounce in Singapore.

PTI