Gold futures down on profit-booking amidst a weak trend in global markets

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Gold futures down on profit-booking amidst a weak trend in global markets

Gold futures prices on MCX were trading lower on Tuesday amidst a weak trend in global markets. Speculators cut their positions and indulged in booking profits at prevailing levels.

Gold futures declined by Rs 52, or 0.19%, to trade at Rs 26,945 per 10 grams for delivery in June on the Multi Commodity Exchange. Prices hit an Intraday high of Rs 26,980 and an Intraday low of Rs 26918. So far 940 futures contracts for June have been traded in MCX.

Snapping its 4-day rising streak, gold prices fell in Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 20 each at Rs 27,230 and Rs 27,080 per 10 grams, respectively.

The dollar pushed higher against the euro and the yen on Tuesday, having recovered almost all the ground lost in the wake of unexpectedly weak US jobs report on Friday.

At the global level Gold prices retreated 7-week high, as traders continued to monitor the direction of the dollar for measuring the appeal of the precious metal.

On the Comex, gold futures for delivery in June yield $ 4.80, or 0.39%, to trade at $ 1213.80 a troy ounce. Prices stayed in a narrow range between $ 1211.10 and $ 1215.90 an ounce.

To contact the KheloMCX Advisory Or Free trial Advisory Visit KheloMCX.com.

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