Gold Futures Decline On Profit Booking

The price of gold in futures trade declined marginally by 0.19 percent at Rs 30,938 for 10 grams. Speculators trimmed their positions to book profits even as the yellow metal prices strengthened in an overseas market.

Gold futures are the standardized, exchange-traded contracts in which the contract buyer agrees to take delivery from the seller for a specific quantity of gold at a pre-determined price on a future delivery date.

In the Multi Commodity Exchange, gold for delivery in the month of August decreased by 0.18 percent to Rs 57 and stands at Rs 31,201 per 10 grams.

For June delivery, the yellow metal decreased by 0.26 percent at Rs 81 and stood at Rs 30,926 for 10grams.

Likewise, the metal for delivery in June contracts shed Rs 26, or 0.08 percent and stands at Rs 30,971 per ten grams in 182 lots.

Market analysts said offloading of positions by participants to book profits mainly led to the decline in gold prices.

The price of gold in the international market was recorded at $1,287.84 per ounce.

Today's price of gold in India for 22 karats is Rs 3,052 per gram and for 24 karats is Rs 3,264.20 per gram.