Gold futures down on weak global cues, profit-booking

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.26 per cent to Rs 29,028 per 10 grams in futures trade today.

At the Multi Commodity Exchange, gold for delivery in April eased by Rs 76, or 0.26 per cent, to Rs 29,028 per 10 gram in business turnover of 176 lots.

Likewise, the metal for delivery in far-month June shed Rs 48, or 0.17 per cent, to Rs 28,707 per 10 gram in 13 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas markets as a five-day advance damped physical demand and US Federal Reserve Chairman pledged to continue with a gradual tapering of stimulus, mainly put pressure on gold prices at futures trade here.

Globally, gold fell 0.50 per cent to $1,284.98 an ounce in Singapore today