Gold futures succumb to profit-booking, global cues

Gold prices fell by Rs 34 to Rs 31,244 per 10 gram in futures trade Monday due to profit-booking by participants at current levels amid weak global trends. At the Multi Commodity

Exchange, gold for delivery in far-month February next year was trading lower by Rs 34, or 0.11 per cent, at Rs 31,244 per 10 gram in a business turnover of 94 lots.

Similarly, the metal for delivery in December eased Rs 14, or 0.05 per cent, to Rs 30,993 per 10 gram in 445 lots.

Analysts said the fall in gold prices was due to profit-booking by traders at existing levels and the metal's losses in global market.

Globally, the gold was trading lower by 0.11 per cent at USD 1,220.80 an ounce in Singapore.

Meanwhile, high tariff duties coupled with an increasing gap in gold prices between India and Myanmar has led to an upsurge in smuggling of the yellow metal across the international border, a report compiled by anti-smuggling unit of Imphal customs division has said.

Manipur shares a 398-km-long porous international border with the neighbouring country.

An official of the customs division feels facilitating "free movement" of citizens for a stipulated period from Manipur's border town of Moreh to adjacent Namphalong market in Myanmar has made the conflict-ridden state "more prone to illicit trafficking of contraband gold"