Gold prices drifted lower by Rs 153 to Rs 28,958 per 10 grams in futures trade today as participants lightened their positions, largely in tandem with a weak overseas trend. In futures trading, gold for delivery in far-month December was trading Rs 153 or 0.52 per cent down at Rs 28,997 per 10 grams on the Multi Commodity Exchange with a business turnover of six lots. The metal for delivery in October too fell by Rs 122 or 0.42 per cent to Rs 28,958 per 10 grams in 311 lots. Analysts said trimming of positions by traders, tracking a weak trend in the overseas markets as data on retail sales and US manufacturing came in better than expected and easing geopolitical tensions between North Korea and the US undercut haven demand for the precious metals, mainly weighed on gold futures. Globally, gold lost 0.82 per cent to USD 1,271.10 an ounce in New York yesterday.
Amid a weakening trend overseas, silver prices dived by Rs 698 to Rs 38,480 per kg in futures trade today as speculators cut down their bets. Silver for delivery in September was trading lower by Rs 698, or 1.78 per cent, to Rs 38,480 per kg, with a business turnover of 1,388 lots in futures trading at the Multi Commodity Exchange (MCX). The white metal for delivery in far-month December shed Rs 657, or 1.65 per cent, at Rs 39,075 per kg, with a business turnover of 75 lots. In the international market, silver slumped 2.61 per cent to USD 16.62 an ounce in New York. Market analysts said a weak trend in precious metals in global markets as data on retail sales and US manufacturing came in better-than-expected and easing geopolitical tensions between North Korea and the US undercut haven demand for the precious metal, kept the pressure on silver futures.
