Gold June futures down by 0.2% on a weak trend overseas and profit-booking

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Gold June futures down by 0.2% on a weak trend overseas and profit-booking

Amid a weak market trend and profit-booking by bullion traders, gold is trading lower in futures trade today.

At the Multi Commodity Exchange, gold June futures delivery eased by Rs 53, or 0.20%, to Rs 26,815 per 10 grams. Analysts said besides profit-booking by speculators weighed pressure on gold futures prices at MCX.

Gold snapped its three-day losing streak today in the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 220 each to Rs 27,220 and Rs 27,070 per 10 gm, respectively.

US non-farm payroll data is to be released at the end of this week, before the movement of gold has become extremely sluggish.

Gold jumped slightly higher overseas, but remained below the key support level $1.200 as investors looked ahead to the US non-farm payrolls, April report on Friday, to get freshest indications on the strength of the economy and when a rate increase US Fed.

Globally, Also on the Comex, gold futures for June delivery gains by 60 cents, or 0.05%, to trade at $1,187.40 a troy ounce.

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