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Gold declines in today's trade due to profit booking


Gold declines in today's trade due to profit booking
After snapping a six days winning streak, gold futures declined in today's trade due to cluster of profit bookings on the street.

Gold has seen euphoric rises in its prices after S&P downgraded US. It has gained nearly 20% and by more than Rs 4000 since mid July.

Due to speculative activities and global economic worries, the price of gold was on the growth ladder from past few days, but many analysts believe that the price is highly overvalued, so it may correct in near future which in turn stimulating investors globally to book profits.

Many of the brokers have intimated that their clients are looking forward to book profits so as to maintain caution as the prices are already on the peak.

The most traded commodity gold for October delivery on MCX opened at Rs 27,500 per 10 grams and then took an about turn. It was trading between Rs 27,330 – Rs 27,440 per 10 grams around 1:20 pm IST, lower as compared to yesterday same time.

Gold for delivery in far-month April opened low at Rs 28,150 per 10 grams. It was trading in the range of Rs 28,216 – Rs 28,276 per 10 grams same time.

Gold for immediate delivery also fell surprisingly and was seen at Rs 27,345 per 10 grams during the day.

Read more about: gold futures mcx
Story first published: Wednesday, August 24, 2011, 13:34 [IST]
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