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Precious Metals: Gold, silver plunge in futures trade amid low demand

by FxFinanceStockNews


Gold prices on Monday fell by Rs 355 to Rs 40,893 per 10 gram in futures trade as participants cut down their positions in line with a weak trend overseas.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 355, or 0.86 per cent, to Rs 40,893 per 10 gram in a business turnover of 33 lots.

The yellow metal for April delivery slumped by Rs 189, or 0.46 per cent, to Rs 41,016 per 10 gram in 2,664 lots.

Analysts said subdued overseas cues influenced sentiments here.

Globally, gold was trading 0.17 per cent lower at $1,585.20 an ounce in New York.


Silver


Silver futures on Monday plunged by Rs 755 to Rs 46,363 per kg as participants cut down their bets taking weak cues from overseas markets.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 755, or 1.60 per cent, to Rs 46,363 per kg in a business turnover of 4,484 lots.

Besides, the white metal to be delivered in May fell by Rs 722, or 1.52 per cent, to Rs 46,893 per kg in 63 lots.

In the international market, silver prices traded 1.43 per cent lower at $17.76 an ounce in New York.





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