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Gold futures slide on weak global cues, profit-booking

At Multi Commodity Exchange, gold prices for delivery in August fell Rs 83, or 0.33%, to Rs 24,816 per 10 grams in business turnover of 369 lots.

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Gold futures today fell 0.33% to Rs 24,816 per 10 grams as participants cut their bets amid a weak global trend.

Besides, profit-booking by speculators also weighed on gold prices.

At Multi Commodity Exchange, gold prices for delivery in August fell Rs 83, or 0.33%, to Rs 24,816 per 10 grams in business turnover of 369 lots.

Also, the metal for delivery in far-month October declined Rs 73, or 0.29%, to Rs 25,045 per 10 grams in 48 lots.

Analysts attributed fall in prices to weak trend overseas where the precious metal declined to near five-year lows as investors weighed the prospects for a US interest rate rise with Federal Reserve policy makers scheduled to meet.

Meanwhile, gold traded little changed at USD 1,094.46 an ounce in Singapore. 

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