Gold, silver futures ease as speculators cut positions

New Delhi: Gold futures on Monday fell by Rs202 to Rs48,392 per 10 gram on MCX as speculators reduced their positions amid low demand. Silver futures too eased by Rs 687 to Rs 61,450 per kg as participants reduced their bets on low demand. On the Multi Commodity Exchange (MCX), gold contracts for February traded lower by Rs 202, or 0.42 per cent, to Rs 48,392 per 10 gram in a business turnover of 8,640 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 0.37 per cent lower at $1,798.20 an ounce in New York.

Meanwhile, spot gold in the national capital declined by Rs142 to Rs 47,480 per 10 gram amid rupee appreciation. In the previous trade, the precious metal settled at Rs 47,622 per 10 gram. Silver also moved lower by Rs 615 to Rs 60,280 per kg from Rs 60,895 per kg in the previous trade. "Spot gold prices for 24 carat at Delhi fell by Rs 142 pressured by rupee appreciation," said Tapan Patel, senior analyst (commodities), HDFC Securities. In the international market, gold was trading marginally up at $1,799 per ounce and silver was flat at $22.30 per ounce. "Gold prices traded firm with spot gold prices at COMEX trading at $1,799 per ounce on Monday," he added. Silver contracts for March delivery tumbled by Rs 687, or 1.11 per cent, to Rs 61,450 per kg in a business turnover of 11,611 lots. The metal traded lower by 1.41 per cent at USD 22.28 per ounce in New York.