Gold, Silver Prices Decline In Futures Trade
Weaker spot demand and participant selling weigh on precious metal prices
Gold prices declined by Rs 398 to Rs 1,52,072 per 10 grams in futures trade on Thursday, tracking weaker spot demand, analysts said. On the Multi Commodity Exchange (MCX), gold contracts for October delivery fell Rs 398, or 0.26 per cent, to Rs 1,52,072 per 10 grams. The contracts recorded a business turnover of 8,493 lots.
Analysts attributed the decline in gold prices to weaker demand in the spot market. Globally, gold futures fell 0.40 per cent to USD 4,369.76 per ounce in New York. Silver prices also declined during the session as participants reduced their positions. Silver contracts for December delivery on the MCX fell Rs 476, or 0.20 per cent, to Rs 2,34,310 per kg, with a business turnover of 12,785 lots.
Analysts said selling by market participants mainly weighed on silver prices. In the international market, silver was trading 0.08 per cent lower at USD 64.870 per ounce in New York. The precious metals remained under pressure amid subdued demand and selling activity in domestic futures markets.