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Gold futures slip on global cues

Analysts said besides profit-booking by speculators, subdued spot markets demand at prevailing levels and a weakening global trend led to the fall in gold futures prices.

twitter-logoPTI | June 2, 2011 | Updated 13:30 IST

Gold prices declined by 0.25 per cent to Rs 22,693 per 10 grams in futures trade on Thursday amid profit-booking by speculators and a weak global trend.

A subdued trend at the domestic spot markets owing to slackened demand also dampened the sentiments.

At the Multi Commodity Exchange, gold for delivery in August declined by Rs 58, or 0.25 per cent to Rs 22,693 per 10 grams, with a business turnover of 1,096 lots.

Likewise, the metal for June delivery lost Rs 45, or 0.20 per cent to Rs 22,415 per 10 grams, with a business volume of 113 lots. It had ended 0.15 per cent up at Rs 22,460 per 10 grams in the previous session.

Analysts said besides profit-booking by speculators, subdued spot markets demand at prevailing levels and a weakening global trend led to the fall in gold futures prices.

Meanwhile, gold traded lower by 0.2 per cent to $1,534.40 an ounce in New York on Wednesday.

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