Gold prices drifted lower by 0.16 per cent to Rs 29,830 per 10 grams at the futures trade as participants trimmed their positions owing to a weak global trend.

At the Multi Commodity Exchange, gold for delivery in October fell Rs 48 or 0.16 per cent to Rs 29,830 per ten grams in a business turnover of 274 lots. Likewise, the yellow metal for delivery in August contract shed Rs 23 or 0.08 per cent to Rs 29,630 per ten grams in five lots.

Market analysts said sentiment turned bearish after gold prices came under pressure in global markets on reports that the Trump administration has plans to propose higher tariffs on Chinese goods stoked demand for the US dollar.

Meanwhile, gold prices fell 0.22 per cent to $1,220.70 an ounce in Singapore.

Taking cues from the global market, silver prices moved down by 0.28 per cent to Rs 38,215 per kg at the futures trade as participants reduced their exposure.

At the Multi Commodity Exchange, silver for delivery in September fell Rs 106 or 0.28 per cent to Rs 38,215 per kg in a business turnover of 509 lots. Likewise, the white metal for delivery in December contracts was trading lower by Rs 102 or 0.26 per cent at Rs 39,062 per kg in six lots.

Analysts attributed the slide in silver futures to a weak trend in precious metals overseas. Globally, silver fell 0.32 per cent to $15.44 an ounce in Singapore.

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