Home Misc NewsCommodity Markets News Precious Metals: Gold, silver slump in futures trade amid weak demand

Precious Metals: Gold, silver slump in futures trade amid weak demand

by FxFinanceStockNews


Gold prices on Wednesday dropped by Rs 59 to Rs 39,049 per 10 gram in futures trade as participants cut down their positions tracking a weak trend at spot market.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 59, or 0.15 per cent, to Rs 39,049 per 10 gram in a business turnover of 1,158 lots.

The yellow metal for April delivery slipped by Rs 86, or 0.22 per cent, to Rs 39,156 per 10 gram in 62 lots.

However, gold traded at 0.30 per cent higher at $1,523.10 an ounce in New York.

Silver

Silver futures on Wednesday slumped by Rs 190 to Rs 46,521 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 Rs 190, or 0.41 per cent, to Rs 46,521 per kg in a business turnover of 1,247 lots.

Besides, the white metal to be delivered in May fell by Rs 173 to Rs 47,051 per kg in 44 lots.

In the international market, silver prices traded 0.44 per cent lower at $17.92 an ounce in New York.





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