Gold down 1.7% on global cues, profit-booking

Tracking a weak trend overseas and profit-booking by speculators, gold failed to sustain higher levels and prices fell by 1.73% to Rs 30,227 per 10 grams. At the Multi Commodity Exchange, gold for delivery in December fell by Rs 531, or 1.73%, to Rs 30,227 per 10 grams in business turnover of 18,893 lots.
Likewise, the metal for delivery in far-month February last year lost Rs 400, or 1.32%, to Rs 29,901 per 10 grams in 584 lots. Market analysts said apart from profit-booking by speculators, a weak trend in the overseas markets, where precious metal slipped from five-week high as a stronger dollar curbed demand before Federal Reserve policy makers meet to discuss monetary policy, led to fall in gold futures.
A weak trend at domestic spot markets as demand declined at prevailing levels also weighed on the prices, they said.In the national capital, gold prices dropped by Rs 420 to Rs 31,930 per 10 grams. Globally, gold prices fell by 0.50% to $1,345.93 an ounce in London today.
Source: Business-Standard

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