Gold slips from record high in futures trade on profit booking

Gold on Wednesday slipped from record high by losing 0.39 per cent to Rs 29,058 per 10 grams in the futures market as speculators indulged in booking profits amid a weakening trend overseas.

At the Multi Commodity Exchange, gold for delivery in December, which hit a record high of Rs 29,477 in Tuesday's trade, declined by Rs 113, or 0.39 per cent, to Rs 29,058 per 10 grams, with a trading volume of 240 lots.

SPECIAL: Should you buy gold or silver?

Similarly, the metal for February delivery lost Rs 110, or 0.37 per cent, to Rs 29,367 per 10 grams, with an open interest of 127 lots.

Traders said offloading of positions by speculators at record levels and a weak trend overseas on lower euro on fears that the Eurozone debt crisis could spread to France, mainly led to a fall in gold prices at futures trade.

Meanwhile, gold fell by 0.93 per cent to $1,764.60 an ounce in the Asian region.