Gold futures tad lower amid profit booking

Posted By: Religare
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Gold futures tad lower amid profit booking
Gold futures were trading with slim losses in the domestic market on Friday as investors and speculators booked profits in the precious metal after a surge in prices in the previous session when a sharp drop in US equities boosted the safe haven appeal of the yellow metal.

Assets in the SPDR Gold Trust, the largest bullion-backed exchange traded fund, fell to the lowest level since March 7, 2014 to 806.22 metric tons on Thursday, signaling weaker investment demand for the precious metal, weighing on sentiment.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,774 per 10 grams, down by 0.02 per cent, after opening at Rs. 28,799, against the previous closing price of Rs 28,781. It touched an intra-day low of Rs 28,742. (At 11:07 AM).

Dion Global Solutions Ltd.

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