Gold prices slip on profit taking

May 14, 2010 |

New Delhi

Gold prices fell by Rs 118 to Rs 18,201 per ten grams in the futures market on Thursday on profit taking by speculators at prevailing levels amid weak trend in the Asian trade.

All the three running contracts — June, August and October were trading in the negative with losses of up to 0.50 per cent.
The metal for delivery in June contract also weakened by Rs 115, or 0.54 per cent to Rs 18,114 per ten gram in a business volume of 2,054 lots. It hit an intra-session of Rs 18,278 per ten grams in Thursday’s trading.
Similarly, October contract had shed Rs 85 at Rs 18,300 per ten gram in a turnover of 32 lots.
“The fall in gold prices seems to be temporary as fundamentals are still strong”, said an analyst.
Market analysts said emergence of profit-taking at near record levels by speculators mainly led to a decline in the precious metal prices at futures markets.
Meanwhile, gold surpassing all barricades, climbed to the highest level of $ 1,249.60 an ounce in New York, as investors shifted funds to bullion on fears that the European sovereign debt crisis might depress currencies. — PTI

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