Gold Futures Skid on Weak Global Cues, Profit-Booking

Gold futures prices fell by 0.61 per cent to Rs 20,223 per 10 grams on Tuesday, as speculators booked profits in the middle of a weak global trend.

Gold for delivery in December has fallen by Rs 113, or 0.61 per cent to Rs 20,100 per 10 grams, with a trade volume of six lots at the Multi Commodity Exchange. It ended 0.44 per cent higher at Rs 20,223 per ten grams in the previous session.

Similarly, the metal for delivery in  the February contract also traded at Rs 115, or 0.56 per cent lower at Rs 20,300 per ten grams in a turnover of two lots.

Profit-booking by speculators at prevailing prices and a weak global trend pressurised by a strong dollar on worries about euro zone nations’ sovereign debt crisis, mainly led to the decline in gold futures prices.

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