Gold, silver prices flat on weaker global cues
Gold in the national capital on Tuesday declined marginally by Rs5 to Rs 47,153 per 10 gram following weak global trends. In the previous trade, the precious metal had settled at Rs 47,158 per 10 gram.
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New Delhi: Gold in the national capital on Tuesday declined marginally by Rs5 to Rs 47,153 per 10 gram following weak global trends. In the previous trade, the precious metal had settled at Rs 47,158 per 10 gram. Silver slumped Rs 287 to Rs 64,453 per kilogram from Rs 64,740 per kilogram in the previous trade. In the international market, gold traded lower at $1,802 per ounce and silver was flat at $24.30 per ounce.
"Gold prices traded weak with spot gold prices at COMEX trading 0.27 per cent down at $1,802 per ounce on Tuesday. Gold prices traded under pressure on Tuesday on stronger dollar and rise in US bond yields," said Tapan Patel, senior analyst (commodities), HDFC Securities. Gold futures fell Rs 62 to Rs 48,138 per 10 gram on MCX as speculators reduced their positions following low demand. Silver futures on Tuesday eased by Rs 352 to Rs 65,787 per kg, as participants reduced their bets. Gold contracts for December traded lower by Rs 62, or 0.13 per cent, to Rs 48,138 per 10 gram in a business turnover of 11,251 lots.
Analysts attributed the fall in gold prices to the trimming of positions by participants. Globally, gold traded 0.16 per cent lower to $1,803.90 an ounce in New York. Silver contracts for December delivery tumbled by Rs 352, or 0.53 per cent, to Rs 65,787 per kg in a business turnover of 10,016 lots. The metal traded lower by 0.76 per cent at $24.41 per ounce in New York.
