Gold prices drifted lower by Rs 33 to Rs 29,781 per 10 grams in futures trade today as participants lightened positions to book profits at existing higher levels even as the precious metal climbed overseas. In futures trade, gold for delivery in December was trading down by Rs 33, or 0.11 per cent, at Rs 29,781 per 10 grams at the Multi Commodity Exchange with a business turnover of 258 lots. The metal for delivery in February fell by Rs 24, or 0.08 per cent, to Rs 29,870 per 10 grams in 7 lots. Analysts said the fall in gold prices at futures trade was mostly attributed to profit-booking by participants at higher levels despite a firm trend overseas where the precious metals strengthened. Globally, gold rose 0.15 per cent to USD 1,295.10 an ounce in Singapore. Amid profit-booking by speculators, silver prices dropped by Rs 62 to Rs 40,290 per kg in futures trade today even as metal strengthened overseas.
Silver for delivery in December was trading lower by Rs 62 or 0.15 per cent to Rs 40,290 per kg in a business turnover of 244 lots at Multi Commodity Exchange (MCX). Silver traded 0.06 per cent higher at USD 17.24 an ounce in Singapore. Market analysts said the fall in silver prices at futures trade was mostly attributed to profit-booking by speculators at prevailing levels but gains in metal overseas on safe haven buying, minimised the loss.