Gold, Silver Prices Decline In Futures Trade

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.