Gold futures slip from record high on profit-booking

Gold futures prices, after hitting record high in Thursday's trade, fell 0.51 per cent to Rs 31,302 per 10 grams on Friday as speculators indulged in booking profits amid a weakening trend overseas.

Marketmen said besides profit-booking by speculators at high levels and a weak trend overseas led to a fall in gold prices.

Some investors sold the metal after it rallied to a six-month high overseas on a plan by European Central Bank to tame the region's debt crisis with bond-purchase programme.



At the Multi Commodity Exchange, gold for delivery in October fell by Rs 165, or 0.51 per cent, to Rs 31,302 per 10 grams, with a business turnover of 1,929 lots. It had zoomed to a record high of Rs 31,649 in Thursday's trade.

Similarly, the yellow metal for delivery in December moved down by Rs 155, or 0.48 per cent, to Rs 31,685 per 10 grams, with a business turnover of 97 lots.

Meanwhile in Singapore, gold traded 0.3 per cent lower at $1,695 an ounce. It climbed to $1,713.68 an ounce, the most expensive since March 12 in Thursday's trade.