Gold Futures marginally lower after mid week rally

Gold futures were trading marginally lower as investors chose to book profits following a rally towards the early part of the week. The metal had risen in the previous session as equities fell sharply, which boosted demand for the metal.

According to reports, assets in the SPDR Gold Trust, the largest bullion-backed exchange traded fund, fell to the lowest level since March 7, 2014 to 806.22 metric tons on Thursday, signaling weaker investment demand for the precious metal, weighing on sentiment.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,774 per 10 grams, down by 0.02 per cent, after opening at Rs. 28,799, against the previous closing price of Rs 28,781. It touched an intra-day low of Rs 28,742. (At 11:07 AM). Check gold rates here

With inputs from Dion Global Solutions