Gold futures fall 1.13 per cent, silver tumbles by 2.60 per cent
New Delhi: Gold prices fell by 1.13 per cent to Rs 27,011 per 10 grams in futures trade on December 16 as speculators reduced their exposures, tracking overnight plunge in the precious metals in global markets.
At the Multi Commodity Exchange, gold for delivery in February next year fell sharply by Rs 309, or 1.13 per cent, to Rs 27,011 per 10 grams in a business turnover of 1,725 lots. Likewise, the metal for delivery in April 2015 contracts eased by Rs 281, or 1.02 per cent, to Rs 27,160 per 10 grams in 14 lots.
Market analysts said a weak trend in overseas markets where the precious metal retreated by 2.32 per cent — the most since December 19 — to 1,193.50 after positive US manufacturing data supported the case for higher borrowing costs next year weighed on gold prices in futures trade here.
Taking weak cues from global markets, silver prices were sharply down by 2.60 per cent to Rs 37,320 per kg in futures trade on December 16 as speculators offloaded positions. At the Multi Commodity Exchange, silver for delivery in March 2015 nose-dived by Rs 995, or 2.60 per cent, to Rs 37,320 per kg in a business turnover of 2,887 lots.
Similarly, the white metal for delivery in May plunged by Rs 970, or 2.49 per cent, to Rs 38,000 per kg in 48 lots. Analysts said trimming of positions by speculators amid a weak trend in overseas markets where white metal sank 4.99 per cent to USD 16.19 an ounce on December 15, as US manufacturing data that beat estimates supported the case for higher borrowing costs next year, put pressure on silver prices in futures trade.