1. Gold futures decline Rs 27, silver down Rs 44 on profit-booking

Gold futures decline Rs 27, silver down Rs 44 on profit-booking

Analysts attributed the fall in gold futures to profit- booking by traders at existing levels and weakness in the precious metals in global market as the US dollar strengthened against a basket of major currencies.

By: | New Delhi | Published: August 23, 2017 11:59 AM
futures trade, gold prices, silver prices, gold futures, silver futures, Multi Commodity Exchange, profit booking, future trade market Analysts attributed the fall in gold futures to profit- booking by traders at existing levels and weakness in the precious metals in global market as the US dollar strengthened against a basket of major currencies. (Reuters Image)

Gold prices fell by Rs 27 to Rs 29,078 per 10 gram in futures trade today as participants indulged in profit-booking at prevailing levels amid a weak trend overseas. In futures trade at the Multi Commodity Exchange, gold for delivery in October shed Rs 27 or 0.09 per cent to Rs 29,078 per 10 gram in a business turnover of 383 lots. Similarly, metal for delivery in far-month December contracts eased by Rs 15 or 0.05 per cent to Rs 29,212 per 10 gram in seven lots. Analysts attributed the fall in gold futures to profit- booking by traders at existing levels and weakness in the precious metals in global market as the US dollar strengthened against a basket of major currencies ahead of an annual meeting of central bankers this week. Globally, gold was trading 0.53 per cent lower at USD 1,284.40 an ounce in New York yesterday.

Silver prices fell by Rs 44 to Rs 38,895 per kg in futures trade today as speculators cut down their bets to book profits coupled with weak global cues. Silver for delivery in September was down by Rs 44 or 0.11 per cent to Rs 38,895 per kg in futures trade at the Multi Commodity Exchange. It clocked a business volume of 484 lots. The white metal for delivery in far-month December fell by Rs 43, or 0.11 per cent to trade at Rs 39,530 per kg in a business turnover of 8 lots.

Market analysts said profit-booking at prevailing levels and fresh losses in the white metal overseas mainly pulled down silver prices at futures trade here. In the international market, silver traded 0.12 per cent lower at USD 16.98 an ounce in New York yesterday.

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