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Gold futures drop on profit-booking

Gold futures closed lower in the domestic market on Wednesday as investors and speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

Some market participants 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.

At the MCX, gold futures for April 2017 contract ended at Rs 29199 per 10 grams, down by 0.35 per cent, after opening at Rs 29240 against a previous close of Rs 29301. It touched the intra-day low of Rs 29174.