Tepid spot demand hits futures

New Delhi: Gold futures on Monday fell Rs328 to Rs79,698 per 10 grams amid muted in spot demand. Silver futures tumbled Rs1,084 to Rs90,515 per kilogram as participants reduced their bets. On Multi Commodity Exchange (MCX), gold contracts for February delivery traded lower Rs328 or 0.41 per cent at Rs79,698 per 10 grams in a business turnover of 6,333 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold futures decreased by 0.63 per cent to $2,753.23 per ounce in New York.

On MCX, silver contracts for March delivery declined Rs1,084 or 1.18 per cent to Rs90,515 per kg in a business turnover of 22,127 lots. Analysts said a sell-off by participants at existing levels in the market mainly weighed on silver prices. Globally, silver was trading 1.01 per cent lower at $30.276 per ounce in New York.