Gold prices drifted lower by Rs 70 to Rs 28,741 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas. In futures trading, gold for delivery in June was trading Rs 70 or 0.24 per cent down at Rs 28,741 per 10 gram at the Multi Commodity Exchange with a business turnover of 241 lots.
The metal for delivery in far-month August too fell by Rs 53 or 0.18 per cent to Rs 28,909 per 10 gram in 29 lots.
Analysts said a weak trend in the overseas markets where the precious metal dropped as investors shrugged off heightened political risk following a terror attack in the UK, weighed on gold futures. Globally, gold lost 0.77 per cent to USD 1,250.70 an ounce in New York.
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Silver prices slumped by Rs 409 per kg to Rs 39,549 per kg in futures trade today as speculators cut down their bets at prevailing levels amid a weak trend in global markets. In futures trading, silver for delivery in July was trading sharply lower by Rs 409, or 1.02 per cent, at Rs 39,549 per kg, in a business turnover of 724 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month September declined by Rs 396, or 0.98 per cent, to Rs 40,000 per kg, in a business of two lots.
In the international market, silver slumped 0.55 per cent to USD 17.05 an ounce in New York yesterday. Analysts attributed the fall in silver in futures trade to offloading of positions following a weak trajectory in global markets as investors shrugged off heightened political risk following a terror attack in the UK yesterday.