Gold futures today fell by Rs 89 to Rs 29,005 per 10 grams as participants indulged in cutting bets amid a weak trend overseas. At the Multi Commodity Exchange, gold prices for delivery in August was trading lower by Rs 89, or 0.31 per cent, to Rs 29,005 per 10 grams in a business turnover of 363 lots.
Also, the metal for delivery in June declined Rs 84, or 0.29 per cent, to Rs 28,759 per 10 grams in a business volume of 100 lots. Analysts attributed decline in gold prices at futures trade to trimming of positions by participants, tracking a weak trend in global market.
Meanwhile, gold traded 0.08 per cent lower at USD 1,267.85 an ounce in Singapore.
Taking weak cues from overseas markets, silver prices tumbled by Rs 66 to Rs 40,030 per kg in futures trade today as participants cut down bets. At the Multi Commodity Exchange, silver for delivery in July was trading lower by Rs 66, or 0.16 per cent, to Rs 40,030 per kg in a business turnover of 623 lots.
Similarly, the white metal for delivery in September declined by Rs 38, or 0.09 per cent, to Rs 40,518 per kg in a business volume of 14 lots. In the international market, silver fell 0.17 per cent to USD 17.27 an ounce in Singapore today.
Traders said the fall in silver prices was largely due cutting down of positions by participants in step with a weak trend in precious metals in the global markets.