1. Gold futures fall Rs 58; silver futures plunge Rs 292 on global cues, profit-booking

Gold futures fall Rs 58; silver futures plunge Rs 292 on global cues, profit-booking

Gold fell Rs 58 to Rs 28,890 per 10 grams in futures trade today as participants reduced positions, largely in line with a weak trend overseas.

By: | New Delhi | Updated: May 31, 2017 12:13 PM
Gold, Gold price, commodities, future gold, weak global cues, global cues, profit-booking, Multi Commodity Exchange, market, market news, market updates At the Multi Commodity Exchange, gold for delivery in August was trading lower by Rs 58, or 0.20 per cent, at Rs 28,890 per 10 grams in a business turnover of 322 lots. (Reuters)

Gold fell Rs 58 to Rs 28,890 per 10 grams in futures trade today as participants reduced positions, largely in line with a weak trend overseas. Moreover, profit-booking at existing level also weighed on gold futures. At the Multi Commodity Exchange, gold for delivery in August was trading lower by Rs 58, or 0.20 per cent, at Rs 28,890 per 10 grams in a business turnover of 322 lots.

Also, the metal for delivery in June shed Rs 57, or 0.20 per cent, to Rs 28,684 per 10 grams in 322 lots. Analysts said, besides a weak trend in the overseas markets, profit-booking by speculators at current levels, weighed on the precious metal in futures trade here. Globally, gold fell 0.20 per cent to $1,260.30 an ounce in Singapore today.

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Amid a weakening trend overseas, silver fell Rs 292 to Rs 39,990 per kg in futures trade today as speculators trimmed positions. Silver for delivery in July traded lower by Rs 292, or 0.45 per cent, to Rs 39,990 per kg in a business turnover of 1,230 lots in futures trading at Multi Commodity Exchange (MCX). On similar lines, the white metal for delivery in September was trading lower by Rs 291, or 0.71 per cent, at Rs 40,475 per kg in a business turnover of 22 lots.

In international market, silver traded 0.72 per cent lower at $17.25 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 to book profits, kept pressure on silver futures.

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