Precious Metals: Gold, silver futures slide on weak global cues

Source: /economictimes.indiatimes.com

New Delhi: Gold prices dipped by 0.04 per cent to Rs 34,231 per 10 gram in futures trade Thursday as speculators reduced exposure.

On the Multi Commodity Exchange, gold contracts for July delivery fell by Rs 15, or 0.04 per cent, to Rs 34,231 per 10 gram in a business turnover of 17,059 lots.

Analysts said off-loading of positions by participants to book profits mainly influenced gold prices at the futures trade.

Globally, the yellow metal traded 0.30 per cent lower at USD 1,416.70 an ounce in New York.

Silver

Silver prices dropped 0.16 per cent to Rs 37,150 per kg in futures trade Thursday amid profit-booking by participants and weak global cues.

On the Multi Commodity Exchange, silver contracts for July delivery fell by Rs 60, or 0.16 per cent, to Rs 37,150 per kg in a business turnover of 65 lots.

Traders said off-loading of positions by participants to book profits and a weak trend in overseas markets led to the fall in silver prices in futures trade.

Globally, silver was trading lower by 0.40 per cent to USD 15.28 an ounce in New York.