Gold futures fall 0.40 per cent on global cues, profit booking

Gold is trading at Rs 29,779 per 10 grams.

New Delhi:

Gold prices fell by 0.40 per cent to Rs 29,779 per 10 grams in futures trading on November 11 as participants trimmed their positions to lock-in gains amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December month declined by Rs 121, or 0.40 per cent to Rs 29,779 per ten grams in business turnover of 205 lots.

Similarly, the yellow metal for delivery in far-month February next year contracts traded lower by Rs 109, or 0.37 per cent to Rs 29,622 per ten grams in 10 lots.

Analysts said apart from profit-booking by participants after recent gains, a weakening trend in the overseas markets where gold declined as the dollar strengthened, reducing appeal of the precious metals a safe haven, mainly weighed on gold prices at futures trade here.

Meanwhile, gold fell 1.53 per cent to USD 1,258.60 an ounce in New York on November 10.