Gold, silver decline on global cues
Gold in the national capital on Monday fell Rs 59 to Rs 46,038 per 10 grams amid weak international precious metal prices.
image for illustrative purpose
New Delhi: Gold in the national capital on Monday fell Rs 59 to Rs 46,038 per 10 grams amid weak international precious metal prices.
In the previous trade, the precious metal had settled at Rs 46,097 per 10 grams. Silver also tumbled Rs 196 to Rs 60,369 per kg, from Rs 60,565 per kg in the previous trade. In the international market, gold traded marginally lower at $1,756 per ounce and silver was flat at $22.59 per ounce.
"Gold prices traded weak with spot gold prices at COMEX trading marginally down at $1,756 per ounce on Monday," said Tapan Patel, senior analyst (commodities) at HDFC Securities.
Gold prices fell by Rs 53 to Rs 46,984 per 10 gram in futures trade on Monday as speculators reduced their positions amid low demand. Silver futures eased by Rs 232 to Rs 61,569 per kg, as participants reduced their bets on low demand.
On the Multi Commodity Exchange (MCX), gold contracts for December traded lower by Rs 53, or 0.11 per cent, to Rs 46,984 per 10 grams in a business turnover of 13,743 lots. Analysts attributed the fall in gold prices to trimming of positions by participants.
Globally, gold traded 0.05 per cent lower at $1,756.60 an ounce in New York. On MCX, silver contracts for December delivery tumbled by Rs 232, or 0.38 per cent, to Rs 61,569 per kg in a business turnover of 1,071 lots. The metal traded lower by 0.40 per cent at $22.62 per ounce in New York.
