Home / Opinion / Online-views /  Gold slips 0.5% from record on profit-booking

New Delhi: After hitting record high in Thursday’s trade, gold future prices fell 0.51% to Rs31,302 per 10 grams on Friday as speculators indulged in booking profits amid a weakening trend overseas.

Similarly, the yellow metal for delivery in December moved down by Rs155, or 0.48%, to Rs31,685 per 10 grams, with a business turnover of 97 lots.

Marketmen said besides profit-booking by speculators at high levels, a weak trend overseas as some investors sold the metal after it rallied to a six-month high on a plan by European Central Bank to tame the region’s debt crisis with bond-purchase programme, led to a fall in gold prices.

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

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