Gold futures fall amid profit booking

Gold futures fall amid profit booking
Gold futures fell in the domestic market on Tuesday amid a weak trend in the overseas market as investors and speculators booked profits in the precious metal following the sharp rally in the previous session.

Further, caution ahead of the US FOMC minutes tomorrow which may show that the Fed may continue with QE tapering despite recent weakness in the country's economic data, clouded the outlook for the bullion, a hedge against the inflationary risk of monetary stimulus, weighing on sentiment.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,049 per 10 grams, down by 0.36 per cent, after opening at Rs. 30,035, against the previous closing price of Rs 30,157. It touched an intra-day low of Rs 30,030. (At 11:26 AM).

Dion Global Solutions Ltd.

Story first published: Tuesday, February 18, 2014, 12:53 [IST]
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