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Gold, Silver futures down on weak global cues

Mar 19 2014, 13:15 IST
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Gold prices moved down by 0.62 per cent to Rs 29,906 per 10 gm in futures trade today after participants off-loaded partial positions, taking weak cues from the global market. (AP) Gold prices moved down by 0.62 per cent to Rs 29,906 per 10 gm in futures trade today after participants off-loaded partial positions, taking weak cues from the global market. (AP)
SummaryGold prices moved down by 0.62 per cent to Rs 29,906 per 10 gm in futures trade today after participants off-loaded partial positions, taking weak cues from the global market.

Gold prices moved down by 0.62 per cent to Rs 29,906 per 10 gm in futures trade today after participants off-loaded partial positions, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in far-month June declined by Rs 187, or 0.62 per cent, to Rs 29,906 per 10 gm in business turnover of 75 lots.

Likewise, the metal for delivery in April shed Rs 150, or 0.53 per cent, to Rs 30,215 per 10 gm in 830 lots.

Market analysts said a weak trend in the overseas markets where gold retreated from six-month high as better-than-estimated US factory production data curbed demand for safe-haven ahead of the Federal Reserve meeting today, mainly put pressure on precious metal at futures trade here.

Globally, gold traded 0.7 per cent lower at USD 1,357.13 an ounce in Singapore today.

Silver prices on the other hand fell by 0.90 per cent to Rs 46,321 per kg in futures trade today as participants trimmed their positions, tracking a weakening trend in precious metals overseas.

At the Multi Commodity Exchange of India, silver for delivery in May contracts fell by Rs 420, or 0.90 per cent, to Rs 46,321 per kg in business turnover of 1,167 lots.

Similarly, the white metal for delivery in far-month July declined by Rs 419, or 0.88 per cent, to Rs 47,221 per kg in business volume of 27 lots.

Market analysts attributed fall in silver prices at futures trade to off-loading of positions by speculators as better-than-estimated US factory production data curbed safe-haven demand before the Federal Reserve meeting today.

In the international market, silver fel by 1 per cent to USD 20.97 an ounce in Singapore.

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