Gold futures decline Rs 59 on profit-booking

Gold is trading at Rs 27,855 per 10 ten grams.

Update: 2016-12-08 06:16 GMT
Scrap gold supplies were also set to halve this quarter as the cash crunch and falling prices make it difficult for consumers to liquidate their holdings.

New Delhi: Gold prices fell by Rs 59 to Rs 27,855 per 10 ten grams in futures trading today as participants indulged in profit-booking at prevailing levels even as the metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in far-month April declined by Rs 59, or 0.21 per cent to Rs 27,855 per 10 grams in a business turnover of six lots.

Similarly, the metal for delivery in February eased by Rs 8 or 0.03 per cent to Rs 27,903 per ten grams in 361 lots.

Analysts attributed the fall in gold futures to profit-booking by traders at existing levels but a firm trend in global market, capped the fall.

Globally, gold rose 0.4 per cent to USD 1,178.36 an ounce in Singapore.  

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