Gold prices drifted lower by 0.13 per cent to Rs 29,846 per 10 grams in futures trading today as participants lowered their bets, tracking a weak trend overseas. Besides, profit booking by speculators after recent gains weighed on the prices. At the Multi Commodity Exchange, gold for delivery in October fell by Rs 40, or 0.13 per cent, to Rs 29,846 per 10 grams in a business turnover of 595 lots.
Similarly, the yellow metal for delivery in far-month December moved down by Rs 33, or 0.11 per cent, to Rs 30,001 per 10 grams in 98 lots. Analysts said a weakening trend overseas with investors turning their attention to the US consumer inflation data later in the day for clues on the timing of further interest rate hikes weighed on gold prices at futures trade here. Besides, profit-booking by speculators too had a bearing, they said. Meanwhile, gold was trading at USD 1,318.96 an ounce, its lowest since September 1.
Silver prices declined by 0.35 per cent to Rs 40,968 per kg in futures trade today as participants reduced their exposure after the metal prices fell in global markets. At the Multi Commodity Exchange, silver for delivery in December fell by Rs 142, or 0.35 per cent, to Rs 40,968 per kg in a business turnover of 663 lots. The white metal for delivery in far-month March 2018 traded lower by Rs 125, or 0.30 per cent, to Rs 41,538 per kg in four lots.
Analysts attributed the fall to a weak trend in precious metals overseas as investors turned their attention to the US consumer inflation data later in the day for clues on the timing of further interest rate hikes and profit-booking by participants. Globally, silver was trading 0.28 per cent down at USD 17.69 an ounce in Singapore.