Gold futures slide, silver futures fall Rs 133 as global cues hurt
Gold prices fell 0.18 per cent to Rs 28,425 per 10 grams in futures trade today as participants cut down bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in August fell by Rs 53, or 0.18 per cent, to Rs 28,425 per 10 grams in a business turnover of 219 lots. Also, the metal for delivery in October declined by Rs 53, or 0.18 per cent, to Rs 28,695 per 10 grams in 64 lots. Analysts attributed the fall in prices to weak trend overseas and profit-booking by speculators at prevailing levels. Meanwhile, gold was trading 0.08 per cent down at USD 1,257.60 an ounce in Singapore.
Taking weak cues from global market, silver prices tumbled by Rs 133 to Rs 38,130 per kg in futures trade today as participants preferred to trim positions. At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs 133, or 0.35 per cent, to Rs 38,130 per kg in a business turnover of 289 lots. The white metal for delivery in December lost Rs 115, or 0.30 per cent, to Rs 38,788 per kg in a business volume of 2 lots. In the international market, silver was trading 0.24 per cent down at USD 16.51 an ounce in Singapore today. Marketmen said, cutting down of positions by speculators, tracking a weak trend in global markets, mainly attributed fall in silver prices at futures trade here.