Gold futures slump on profit booking

Gold futures traded lower by Rs 34 at Rs 37,716 per 10 gram on Friday due to profit-booking by participants in tandem with a fall in the price of the precious metal overseas. On the Multi Commodity Exchange, gold for October delivery traded lower by Rs 34, or 0.09 percent, at Rs 37,716 per 10 gram in a business volume of 2,509 lots.

Similarly, gold for December delivery fell by Rs 70, or 0.18 percent, to Rs 38,337 per 10 gram in a business turnover of 426 lots. Analysts attributed the fall in gold futures here to profit-booking by participants at the domestic and global markets.

Globally, gold prices dipped 0.05 percent to USD 1,506.60 an ounce in New York.