Gold futures down Rs 111 on profit booking, global cues

New Delhi, August 22

Gold prices drifted lower by Rs 111 to Rs 29,280 per 10 gram in futures trade on Tuesday as participants lightened their positions at prevailing levels amid a weak trend overseas.

In futures trade, gold for delivery in December was trading Rs 111 or 0.38 per cent down at Rs 29,280 per 10 gram on the Multi Commodity Exchange with a business turnover of one lot.

The metal for delivery in October too fell by Rs 104 or 0.36 per cent to Rs 29,179 per 10 gram in 459 lots.

Analysts said apart from profit-booking by speculators at existing levels, metal's fresh weakness in the overseas markets weighed on gold futures.

In international market, gold lost 0.23 per cent to USD 1,288.30 an ounce in Singapore. PTI