Gold prices drifted 0.1 per cent lower to Rs 29,780 per 10 grams at the futures trade as speculators booked profits owing to a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in December fell Rs 31 or 0.10 per cent to Rs 29,780 per 10 grams in a business turnover of just 1 lot. Similarly, the metal for delivery in October contracts traded lower by Rs 26, or 0.09 per cent, at Rs 29,582 per 10 grams in 143 lots.
Analysts attributed the fall in gold futures to profit-booking by participants owing to a weak trend overseas as strong dollar reduced the precious metal’s appeal as a safe-haven. Globally, gold fell 0.90 per cent to $1,184.60 an ounce in New York yesterday.
Silver prices dropped 0.06 per cent to Rs 37,407 per kg at the futures trade owing to trimming down of positions by participants on weak global cues. Also, profit-booking at prevailing levels by speculators weighed on prices.
At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 24 or 0.06 per cent at Rs 37,407 per kg in a business turnover of 31 lots. Similarly, the white metal for delivery in September was down Rs 13 or 0.06 per cent at Rs 36,595 per kg in 360 lots.
Traders said offloading of positions by participants due to a weak global trend led to the fall in silver prices at the futures trade. Globally, silver shed 1.87 per cent to $14.46 an ounce in New York yesterday.