Gold Falls Rs 166 in Futures Trade, Silver Rises on Firm Global Trend
Weaker spot demand drags gold prices lower, while fresh buying and firm global trends lift silver.
Gold prices on Thursday declined by Rs 166 to Rs 1,44,264 per 10 grams in futures trade, weighed down by weaker spot demand.
On the Multi Commodity Exchange, gold contracts for August delivery slipped Rs 166, or 0.11 per cent, to Rs 1,44,264 per 10 grams, with a business turnover of 1,370 lots.
Analysts attributed the decline in gold prices to subdued demand in the spot market.
In the global market, gold futures traded 1.03 per cent higher at USD 4,072.25 per ounce in New York.
Meanwhile, silver prices rose by Rs 1,219, or 0.53 per cent, to Rs 2,31,603 per kg in the futures market, supported by a firm global trend and fresh buying by participants.
On the Multi Commodity Exchange, silver contracts for September delivery recorded a business turnover of 1,325 lots.
Analysts said fresh positions built up by traders contributed to the rise in silver prices.
In overseas trade, Comex silver futures gained 1.57 per cent to USD 62.07 per ounce.
