Gold futures down 1.95 pc on global cues, profit-booking

Gold futures prices today fell by 1.95 per cent to Rs 33,786 per 10 grams largely in tandem with a weak global trend amid profit-booking by speculators.

At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 453, or 1.95 per cent, to Rs 33,786 per 10 grams in business turnover of 2,697 lots.

Similarly, metal prices for delivery in December declined by Rs 657, or 1.91 per cent, to Rs 33,820 per 10 grams in 173 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas on concern that the US Federal Reserve is getting closer to tapering stimulus, reducing appeal of precious metal.

Further, profit-booking by speculators after recent gains also weighed on the precious metal prices, they said.

Meanwhile, gold prices fell 0.10 per cent to USD 1,410.80 an ounce in Singapore.