Gold futures decline to Rs. 29,422 on profit-taking

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Gold prices fell 0.45 per cent to Rs. 29,422 per 10 ten grams at the 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 April declined by Rs. 132 or 0.45 per cent to Rs.29,422 per ten grams in a business turnover of 507 lots.

Similarly, the metal for delivery in June weakened by Rs. 121 or 0.41 per cent to Rs. 29,675 per ten grams in 16 lots.

Analysts attributed the fall in gold futures to profit-booking by traders at existing levels.

They said, however, a firm trend overseas where gold advanced for a third day, heading for the biggest monthly advance in four years, as investors weighed economic data from the US that added to the case for interest rates remaining lower for longer, capped the fall.

Globally, gold rose 0.7 per cent to $1,236.93 an ounce in Singapore.