Gold futures flat amid profit booking

Posted By: Religare
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Gold futures flat amid profit booking
Gold futures were trading flat in the domestic market on Friday as investors and speculators booked profits in the precious metal after a sharp rally in recent sessions owing to hopes that the US Fed may delay tapering of QE.

Further, signs of a decline in physical demand for gold in India, the largest bullion consumer, weighed on the yellow metal. Gold purchases in India may fall to less than 150 metric tons in the second half of 2013, compared with 478 tons during the same period a year earlier amid higher tariffs and restrictions, , said the All India Gems & Jewellery Trade Federation.

Gold futures for December 2013 contract, at MCX, were trading at Rs. 30,562 per 10 grams, unchanged, after opening at Rs. 30,499, against the previous closing price of Rs 30,562. It touched an intra-day low of Rs 30,490. (At 11:51 AM).

Dion Global Solutions Ltd.

Read more about: gold, gold futures, profit booking
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