Gold Falls Rs 2,045, Silver Drops Rs 1,955 In Futures Trade
Weak spot demand weighs on gold while sell-off by participants pulls down silver prices
Gold prices declined by Rs 2,045 to Rs 1,54,236 per 10 grams in futures trade on Monday amid weak spot demand, while silver fell Rs 1,955 per kg as participants reduced their positions.
On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded lower by Rs 2,045, or 1.31 per cent, at Rs 1,54,236 per 10 grams. The contracts recorded a business turnover of 2,680 lots.
Analysts attributed the decline in gold prices to weaker demand in the spot market.
Globally, gold futures fell 0.51 per cent to USD 4,432.51 per ounce in New York.
Silver prices also declined on the domestic futures market. On the MCX, silver contracts for December delivery fell Rs 1,955, or 0.81 per cent, to Rs 2,40,489 per kilogram, with a business turnover of 2,004 lots.
Analysts said a sell-off by market participants and reduced bets weighed on silver prices.
In the international market, silver was trading 1.04 per cent lower at USD 68.22 per ounce in New York.
The decline in both precious metals came despite gold and silver remaining at elevated levels in the global and domestic markets. Market participants are closely tracking demand trends and movements in international prices for further direction.
