Silver tumbles by `505, gold marginally down

Gold prices declined by Rs 42 to Rs 45,960 per 10 gram in the national capital on Monday in line with weak global trends. In the previous trade, the precious metal had closed at Rs 46,002 per 10 gram. Silver plunged by Rs 505 to Rs 61,469 per kg from Rs 61,974 per kg in the previous trade. In the international market, gold was trading lower at $1,774 per ounce and silver was flat at $23.50 per ounce. Gold prices pared previous gains on stronger dollar on Monday, said Tapan Patel, senior analyst (commodities) at HDFC Securities.

Gold futures fell Rs 50 to Rs 46,890 per 10 gram on MCX as speculators reduced their positions amid low demand. On the Multi Commodity Exchange (MCX), gold contracts for the October delivery traded lower by Rs 50, or 0.11 per cent, to Rs 46,890 per 10 gram in a business turnover of 12,708 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 0.06 per cent lower to $1,777.20 an ounce in New York.