Gold futures fall 0.50 per cent on profit-booking, global cues

New Delhi Gold prices drifted lower by 0.50per cent to Rs 28,580 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 145 or 0.50 per cent to Rs 28,580 per 10 grams in a business turnover of 513 lots. Similarly, metal for delivery in far-month April contracts traded lower by Rs 133 or 0.46 per cent to Rs 28,645 per 10 grams in 68 lots.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels and a weak trend overseas as higher dollar reduced the precious metal's appeal as a safe-haven. Globally, gold fell 0.26 per cent to USD 1,205.40 an ounce in Singapore.