Gold futures slide on weak global cues, profit booking

Gold is trading at Rs 29,450 per 10 grams

New Delhi:

Gold futures on February 12, fell 1.14 per cent to Rs 29,450 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit booking by speculators also weighed on gold prices.

At the Multi Commodity Exchange, gold prices for delivery in April contracts fell Rs 341, or 1.14 per cent, to Rs 29,450 per 10 grams in business turnover of 11,501 lots. The metal for delivery in far-month June declined by Rs 332, or 1.07 per cent, to Rs 29,710 per 10 grams in 507 lots.

Analysts attributed fall in prices to weak trend overseas and profit booking by speculators at prevailing levels. Meanwhile, gold traded 0.41 per cent down at USD 1,241.30 an ounce in London.