Gold futures decline on profit-booking on global cues

Gold Silver Image Gold prices slid lower by 0.27% to Rs 28,589 per 10 grams in futures trade on Friday as participants went for booking profit at prevailing levels amid a weak trend overseas.

At the Commodity exchange, MCX, gold prices for delivery in Feb month fell by Rs 78, or 0.27%, to Rs 28,589 per 10 gm, in business turnover of 264 lots. In a similar fashion, the metal for delivery in far-month April contracts was being traded lower by Rs.77, or 0.26%, to Rs 28,652 per 10 grams in one lot.

Silver prices too slipped below Rs.37000 per kg mark in futures trade today as participants cut down bets. At the MCX, silver for delivery in March has fallen by Rs. 62, or 0.17%, to Rs. 36,974 per kg in a business turnover of 1661 lots.

Likewise, silver for delivery in May edged down by Rs 66, or 0.18%, to Rs 37,480 per kg in 17 lots. Globally, silver price shed 1.41% to USD 15.70 an ounce in NY Mercantile yesterday.