Gold prices declined by Rs 55 to Rs 28,300 per 10 grams at the futures trade due to profit-booking by speculators amid a weak global trend.
Gold for delivery in far-month April fell Rs 55 or 0.19 per cent to Rs 28,300 per 10 grams in a modest business turnover of one lot at the Multi Commodity Exchange. Also, gold for delivery in February was trading down by Rs 51 or 0.18 per cent at Rs 28,266 per 10 grams in a business turnover of 145 lots.
Globally, gold prices fell 0.22 per cent to $1,252.70 an ounce in New York yesterday.
Taking weak cues from overseas markets, silver prices fell Rs 39 at the futures trade as participants brought down their bets. At the Multi Commodity Exchange, silver for delivery in far-month March was trading lower by Rs 39 or 0.11 per cent at Rs 37,015 per kg in a business turnover of 333 lots.
Analysts said offloading of positions by participants in line with a weak global trend following US Fed’s decision to hike interest rates early this week eroded the safe haven appeal for precious metals. Globally, silver shed 1.06 per cent to $15.88 an ounce in New York yesterday.