Gold futures down Rs 51 on profit booking, global cues

New Delhi: Gold prices drifted lower by Rs 51 to Rs 29,336 per 10 gram in futures trade on Friday as participants lightened their positions at prevailing levels amid a weak trend overseas.

In futures trade, gold for delivery in December was trading Rs 51 or 0.17 per cent down at Rs 29,336 per 10 gram on the Multi Commodity Exchange with a business turnover of 930 lots.

Analysts said apart from profit-booking by speculators at existing levels, metal's fresh weakness in the overseas markets as investors awaited further clues on the US Federal Reserve's plan for interest rates from the key non-farm- payrolls report due this week weighed on gold futures.

In international market, gold lost 0.02 per cent to USD 1,267.60 an ounce in Singapore.