NEW DELHI: Gold traded lacklustre in futures trade on Tuesday owing to profit-booking amid subdued demand for the yellow metal by jewellers at spot markets.
The fall in the metal was capped by positive global cues. The safe-haven metal held steady in international markets, hovering near a three-month high hit in the previous session, as global slowdown worries amid trade war pushed investors away from riskier equities.
"Gold declined simply because of profit-booking. A sustained rise in the Indian currency is also exerting pressure on the precious metal," said
Kunal Shah, Head of Commodities Research at
Nirmal Bang.
Shah said the demand side at the spot markets is looking good and he is bullish on gold.
Silver prices also declined in futures trade on muted demand by industrial units and coin makers at spot markets.
The
MCX Gold was trading at Rs 32,390 per 10 grams, lower by Rs 14, while MCX Silver was trading at Rs 36,645 a kilo, down by Rs 68 around 11 am.