Gold futures fall 0.48 per cent on profit-booking

New Delhi: Gold prices drifted lower by 0.48 per cent to Rs 28,997 per 10 grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month June fell by Rs 141, or 0.48 per cent, to Rs 28,997 per 10 grams, in a business turnover of 36 lots.

Similarly, metal for delivery in April traded lower by Rs 131, or 0.45 per cent, to Rs 28,958 per 10 grams in 510 lots.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels, besides a weak trend in global markets.

Globally, gold was trading 0.30 per cent down at USD 1,224.10 an ounce in Singapore.