New Delhi, Jun 16 (PTI) Gold prices on Monday declined by Rs 532 to Rs 99,744 per 10 grams in futures trade amid muted spot demand.
Analysts attributed the fall in gold prices to weak global cues and profit booking at higher level.
On the Multi Commodity Exchange, gold contracts for August delivery traded lower by Rs 532 or 0.53 per cent to trade at Rs 99,744 per 10 grams in a business turnover of 16,754 lots.
“Gold prices are trading slightly lower on profit-booking, however, the underlying momentum is expected to remain positive as safe-haven bids remain firm amid escalation in the Israel-Iran war and trade tariff related uncertainty,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, said.
Meanwhile, the precious metal climbed Rs 802 to hit a lifetime high of Rs 1,01,078 per 10 grams in the morning session on the bourse.
On the global front, gold futures was trading at USD 3,437 per ounce, down by USD 15.80 per ounce in New York.
Investors may see some consolidation ahead of key central bank meetings during the week with focus on US Federal Reserve meeting on Wednesday, Mer added.
