Gold prices drifted lower by 0.43 per cent to Rs 27,860 per 10 grams in futures trade today as participants indulged in trimming their bets, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in far-month October was down Rs 121, or 0.43 per cent to Rs 27,860 per ten grams in a business turnover of 17 lots. Similarly, the metal for delivery in August contracts was riding lower by Rs 111, or 0.40 per cent to Rs 27,683 per ten grams in 595 lots. Market analysts attributed the persistent fall in prices to weak trend overseas where gold fell as investors awaited signals from central bank on interest rate hikes. Meanwhile, gold dropped 0.30 per cent to $1,210.50 an ounce in Singapore.
Taking weak cues from overseas markets, silver prices fell sharply by Rs 354 to Rs 36,843 per kg in futures trade today. In futures trading at the Multi Commodity Exchange, silver for delivery in far-month December was trading lower by Rs 354, or 0.95 per cent, at Rs 36,843 per kg in a business turnover six lots.
Similarly, the white metal for delivery in September declined by Rs 353, or 0.97 per cent, to Rs 36,191 per kg in a business volume of 1,135 lots. In the international market, silver fell 0.64 per cent to $15.54 an ounce in Singapore. Traders said the fall in silver prices was largely due to offloading of positions by participants in line with a weak trend in precious metals at global markets.