Gold extend losses on weak global cues

Feb 20 2014, 12:46 IST
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SummaryGold prices moved down further by 0.47 per cent to Rs 29,890 per 10 grams in futures trade today and indulged in offloading of positions, taking weak cues from the global market.

Gold prices moved down further by 0.47 per cent to Rs 29,890 per 10 grams in futures trade today and indulged in offloading of positions, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in April declined by Rs 141, or 0.47 per cent, to Rs 29,890 per 10 grams in business turnover of 524 lots.

Likewise, the metal for delivery in far-month June shed Rs 135, or 0.46 per cent, to Rs 29,410 per 10 grams in 20 lots.

Market analysts said a weak trend in the overseas markets on expectations that the Federal Reserve will continue to taper stimulus in the US, mainly put pressure on gold prices at futures trade here.

Globally, gold traded a shade lower at USD 1,310.74 an ounce in Singapore today. ) Silver prices also fell by 0.85 per cent to Rs 47,380 per kg in futures trade today, tracking a weak trend in the global market.

At the Multi Commodity Exchange, silver for delivery in March fell by Rs 407, or 0.85 per cent, to Rs 47,380 per kg in business turnover of 1,098 lots.

Similarly, the white metal for delivery in May declined by Rs 399, or 0.82 per cent, to Rs 48,400 per kg in business volume of 70 lots.

Market analysts said a subdued trend in the global markets led to the fall in silver prices at futures trade here.

In the international market, silver fell by 0.3 per cent to USD 21.47 an ounce in Singapore.

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