Gold, silver decline on muted global trend
Futures fall as speculators slash their positions
image for illustrative purpose
New Delhi: Gold prices declined by Rs 89 to Rs 46,167 per 10 gram in the national capital on Tuesday following weak global cues.
In the previous trade, the precious metal had closed at Rs 46,256 per 10 gram. Silver also declined by Rs 222 to Rs 67,926 per kg from Rs 68,148 per kg in the previous trade. In the international market, gold was trading lower at $1,774 per ounce and silver was flat at $26.02 per ounce.
"Gold prices witnessed lower trading on stronger dollar," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold prices edged lower after steady move witnessed in the last couple of sessions amidst an uptick in dollar."
Gold futures prices fell Rs 244 to Rs 46,764 per 10 gram on MCX as speculators reduced their positions amid low demand.
