Gold futures decline Rs 77 on profit-booking, global cues

New Delhi: Gold prices fell by Rs 77 to Rs 29,534 per 10 grams in futures trade on Tuesday as participants went for profit-booking at prevailing levels amid a weak trend overseas.
In futures trade at the Multi Commodity Exchange, gold for delivery in December shed Rs 77, or 0.26 per cent, at Rs 29,534 per 10 grams in a business turnover of 221 lots.
Similarly, metal for delivery in far-month February 2018 eased Rs 57, or 0.19 per cent, to Rs 29,686 per 10 grams in a modest volume of just 2 lots.
Analysts attributed the fall in gold futures to profit- booking by traders at the existing level and weakness in precious metals in the global market amid uncertainty over a US tax reform plan.
Globally, gold was trading 0.14 per cent lower at USD 1,276.10 an ounce in Singapore on Tuesday.