Yellow Metals: Gold, Silver Slump in Futures Trade on Low Demand

Gold prices on Friday fell by Rs 304 to Rs 37,962 per 10 gram in futures trade amid profit-booking by speculators on low demand.

The Multi Commodity Exchange, gold contracts for December delivery traded lower by Rs 304, or 0.79 per cent, at Rs 37,962 per 10 gram in a business turnover of 2,928 lots.

Similarly, the metal for delivery in February was down by Rs 326 to Rs 37,961 per 10 gram in 210 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants to book profits.

Globally, gold traded 0.56 per cent down at $1,465.10 an ounce in New York.

Silver Futures Prices

Gold Silver prices on Friday slumped Rs 570 to Rs 44,153 per kg in futures trade as investors reduced their positions in line with weak trend overseas.

Silver contracts for December delivery traded lower by Rs 570, or 1.27 per cent, to Rs 44,153 per kg in a business turnover of 4,910 lots on the Multi Commodity Exchange.

The white metal for delivery in March next year fell Rs 588, or 1.3 per cent, to Rs 44,790 per kg in a business turnover of 311 lots.

In the international market, silver traded lower by 1.07 per cent at $16.85 an ounce in New York.

Marketmen said trimming of positions by speculators at prevailing levels mainly exerted pressure on silver futures.