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Gold futures slide on weak global cues; Silver rises

Gold prices fell 0.25 per cent to Rs 29,587 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend.

Meanwhile, gold fell 0.02 per cent at USD 1,284.30 an ounce in Singapore today. (AP)

Gold prices fell 0.25 per cent to Rs 29,587 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 74 or 0.25 per cent to Rs 29,587 per 10 grams in a business turnover of 86 lots. Also, the metal for delivery in far-month February next year declined by Rs 54, or 0.18 per cent to Rs 29,753 per 10 grams in six lots. Analysts attributed the fall in prices trimming of positions by participants, tracking a weak trend in global market. Meanwhile, gold fell 0.02 per cent at USD 1,284.30 an ounce in Singapore today. Tracking a firm trend overseas, silver prices surged by Rs 35 to Rs 40,362 per kg in futures trading today as traders built up fresh positions. At the Multi Commodity Exchange, silver for delivery in March gained Rs 35, or 0.09 per cent, to Rs 40,362 per kg, in a business turnover of six lots.

The white metal for delivery in December too was trading higher by Rs 13, or 0.03 per cent at Rs 40,362 per kg in 132 lots. Market analysts said fresh positions created by participants in line with a firm trend of the precious metal in global markets, mainly influenced silver prices at futures trade. Meanwhile, silver rose 0.27 per cent to USD 16.99 an ounce in Singapore.

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