Gold futures down 0.51% on profit-booking

Gold prices drifted by 0.51% to Rs 28,291 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels, even as metal strengthened overseas.

At the Multi Commodity Exchange of India (MCX), gold for delivery in April fell by Rs 146 or 0.51% to Rs 28,291 per 10 grams in a business turnover of 447 lots.

Similarly, metal for delivery in June contracts traded lower by Rs 144 or 0.50% to Rs 28,510 per 10 grams in 18 lots.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels.

A firming trend overseas where gold traded near a seven-month high as investors assessed the outlook for the US monetary policy amid swings in financial markets and concern that global growth is slowing, capped the fall, analysts said.

Globally, gold rose 0.2% to $1,191.90 (nearly Rs 80,941.93) an ounce in Singapore.