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

by FxFinanceStockNews


Gold prices on Friday dropped Rs 182 to Rs 39,648 per 10 gm in futures trade as easing tensions in Middle East reduced gold demand.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 182, or 0.46 per cent, to Rs 39,648 per 10 gram in a business turnover of 1,857 lots.

The yellow metal for April delivery fell by Rs 178, or 0.45 per cent, to Rs 38,822 per 10 gram in 207 lots.

Concerns over US-Iran standoff eased further after US lawmakers introduced a resolution on Thursday aimed at reining in President Donald Trump’s ability to take military action against Iran, as per marketmen.

Analysts attributed the fall in prices to trimming of positions by investors, tracking a weak trend in global market.

Globally, gold was trading 0.42 per cent lower at $1,547.80 an ounce in New York.


Silver


Silver futures on Friday slumped by Rs 191 to Rs 46,388 per kg as participants cut down their bets on low spot demand.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 191, or 0.41 per cent, to Rs 46,388 per kg in a business turnover of 3,139 lots.

Besides, the white metal to be delivered in May fell by Rs 203 to Rs 46,971 per kg in 11 lots.

In the international market, silver prices traded 0.28 per cent lower at $17.89 an ounce in New York.





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