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Gold futures decline amid profit booking

By Religare
Gold futures decline amid profit booking
Gold futures fell in the domestic market on Tuesday as investors and speculators booked profits in the precious metal following an impressive rally in the previous session which was triggered by a rise in safe haven demand for the bullion following a slump in global equities amid concerns over a slowing world economy.

Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product (ETP) stood unchanged for a second straight day on Monday, signaling subdued investment demand for the bullion.

Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,750 per 10 grams, down by 0.32 per cent, after opening at Rs. 29,701, against the previous closing price of Rs 29,845. It touched an intra-day low of Rs 29,600. (At 11:18 AM).

Dion Global Solutions Ltd.

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