Gold Falls Rs 814, Silver Drops Rs 3,743 in Futures Trade
Weak spot demand weighs on gold, while selling pressure drags silver prices lower on the MCX.
Gold and silver prices declined in futures trade on Tuesday, with gold falling by Rs 814 per 10 grams amid weak spot demand, while silver dropped by Rs 3,743 per kg as market participants reduced their positions. On the Multi Commodity Exchange (MCX), gold contracts for December delivery fell by Rs 814, or 0.57 per cent, to Rs 1,42,259 per 10 grams in a business turnover of 1,449 lots.
Analysts attributed the decline in gold prices to weak spot demand. In the international market, gold futures declined by 0.45 per cent to USD 3,998.69 per ounce in New York. Silver prices also witnessed a sharp decline on the MCX, with contracts for December delivery falling by Rs 3,743, or 1.91 per cent, to Rs 1,92,050 per kilogram in a business turnover of 3,482 lots.
Analysts said selling by market participants and a reduction in their positions mainly weighed on silver prices. Globally, silver was trading 2.14 per cent lower at USD 52.81 per ounce in New York.