Gold prices drifted lower by 0.23 per cent to Rs 29,135 per 10 grams in futures trade today as participants trimmed their positions, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in October fell by Rs 68, or 0.23 per cent, to Rs 29,135 per 10 grams, in a business turnover of 185 lots. Similarly, the yellow metal for delivery in far-month December declined by Rs 44, or 0.15 per cent, to Rs 29,190 per 10 grams in three lots. Analysts said a weakening trend in the overseas markets where gold edged lower as the dollar edged higher against a basket of major currencies with rising tensions between the US and North Korea seen as the key to the near-term outlook, weighed on gold prices in futures trade. Globally, gold lost 0.71 per cent to USD 1,286 an ounce in Singapore.
Taking positive cues from the global market, silver prices rose by 0.07 per cent to Rs 39,223 per kg in futures trading today as traders created speculative positions. At the Multi Commodity Exchange, silver for delivery in September rose by Rs 29, or 0.07 per cent, to Rs 39,223 per kg, with a business turnover of 563 lots. Similarly, the white metal for delivery in far-month December was trading higher by Rs 10, or 0.03 per cent, to Rs 39,746 per kg in two lots. Market analysts said a firm trend in the precious metal in the global market, mainly attributed to the rise in silver prices at futures trade. Globally, silver rose 0.12 per cent to USD 17.12 an ounce in Singapore.
