New Delhi: Gold prices fell by 0.95 per cent to Rs 25,220 per 10 grams in futures trading on November 7 as speculators trimmed positions in tandem with a weak global trend as a strengthening dollar curbed demand for the precious metal.
At the Multi Commodity Exchange, gold for delivery in December fell by Rs 241, or 0.95 per cent, to Rs 25,220 per 10 grams in a business turnover of 3,400 lots. Similarly, the metal for delivery in February next year declined by Rs 238, or 0.93 per cent, to Rs 25,415 per 10 grams in 110 lots. Analysts said offloading of positions by speculators in line with a weak global trend where gold held at over four-year lows as surge in dollar curbed demand, mainly kept pressure on gold prices at futures trade.
Besides, a weak trend at the domestic spot markets also weighed on prices, they said. At Chennai, gold prices were down by Rs 110 to Rs 25,800 per 10 grams in opening trade on November 7. Meanwhile, the metal traded at USD 1,141.51 in Singapore, the lowest level since April 2010.
Silver prices moved down by 1.35per cent to Rs 33,810 per kg in futures market on November 7 as speculators engaged in trimming positions amid a weak trend overseas. At the Multi Commodity Exchange, silver for delivery in December declined by Rs 461, or 1.35 per cent, to Rs 33,810 per kg in a business turnover of 3,657 lots.
In a similar fashion, the metal for delivery in March traded lower by Rs 466, or 1.33 per cent, to Rs 34,500 per kg in 143 lots. Market analysts said offloading of positions by speculators on the back of weak global trend amidst surging dollar eroded demand for the precious metal, which kept pressure on silver prices at futures trade.
Globally, silver traded lower at USD 15.34 an ounce in Singapore from USD 15.41 on November 6. Meanwhile, the metal fell five per cent this week and dropped to USD 15.15 on November 5, the lowest since February 2010.
