Gold futures down on profit-booking

Gold prices fell 0.32 per cent to Rs 29,290 per 10 gram in futures trade today after participants trimmed positions at current levels even as the precious metal rose overseas.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 93, or 0.32 per cent, to Rs 29,290 per 10 gram, in a business turnover of 501 lots.

Likewise, the metal for delivery in far-month August shed Rs 88, or 0.30 per cent, to Rs 29,508 per 10 gram in seven lots.

Market analysts said profit-booking at existing levels by speculators led to the fall in gold prices at futures trade here but gold’s rebound in global market from earlier decline after the Bank of Japan unexpectedly held off on expanding stimulus, hurting the dollar but capped the losses.

Globally, gold traded 0.28 per cent higher at USD 1,249.30 an ounce in Singapore.