Gold, silver prices decline
Futures fall as speculators slash positions
image for illustrative purpose
Gold in the national capital on Monday dipped Rs 126 to Rs 46,967 per 10 gram in line with a fall in international precious metal prices. In the previous trade, the precious metal had closed at Rs 47,093 per 10 grams. Silver also went lower by Rs 97 to Rs 66,856 per kilogram from Rs 66,953 per kilogram in the previous trade. In the global market, gold was trading lower at $1,805 per ounce and silver was flat at $25.39 per ounce.
Gold futures prices on MCX fell Rs103 to Rs47,950 per 10 gram in the futures trade as speculators reduced their positions amid low demand. On the Multi Commodity Exchange (MCX), gold contracts for the August delivery traded lower by Rs 103, or 0.21 per cent, to Rs 47,950 per 10 gram in a business turnover of 6,723 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 0.58 per cent lower at $1,804.40 an ounce in New York.
