Gold prices drifted lower by Rs 111 to Rs 29,280 per 10 gram in futures trade today as participants lightened their positions at prevailing levels amid a weak trend overseas. In futures trade, gold for delivery in December was trading Rs 111 or 0.38 per cent down at Rs 29,280 per 10 gram on the Multi Commodity Exchange with a business turnover of one lot. The metal for delivery in October too fell by Rs 104 or 0.36 per cent to Rs 29,179 per 10 gram in 459 lots. Analysts said apart from profit-booking by speculators at existing levels, metal’s fresh weakness in the overseas markets weighed on gold futures. In international market, gold lost 0.23 per cent to USD 1,288.30 an ounce in Singapore.
Silver fell Rs 138 to Rs 38,950 per kg in futures trade today amid a weakening trend overseas amid profit-booking by speculators. Silver for delivery in September was trading lower by Rs 138 or 0.35 per cent to Rs 38,950 per kg in a business turnover of 670 lots in futures trading at Multi Commodity Exchange (MCX). On similar lines, the white metal for delivery in December fell by Rs 128 or 0.32 per cent at Rs 39,585 per kg in a business turnover of 292 lots. In international market, silver traded 0.15 per cent lower at USD 16.97 an ounce in Singapore. Market analysts said a weak trend in precious metals in global markets and trimming of positions by speculators at prevailing levels, put pressure on silver futures.