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Precious Metals: Gold slumps, silver shines in futures trade

by FxFinanceStockNews


Gold prices fell by Rs 75 to Rs 40,125 per 10 gram in futures trade on Thursday as participants cut down their positions in line with a weak trend overseas.

On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 75, or 0.19 per cent, to Rs 40,125 per 10 gram in a business turnover of 2,313 lots.

The yellow metal for June delivery declined by Rs 48, or 0.12 per cent, to Rs 40,290 per 10 gram in 106 lots.

Analysts said subdued overseas cues influenced sentiments here.

Globally, gold was trading 0.25 per cent lower at $1,558.90 per ounce in New York.


Silver


Silver prices on Thursday rose by Rs 164 to Rs 45,899 per kg in futures trade as participants widened their bets amid a firm trend in precious metal overseas.

On the Multi Commodity Exchange, silver contracts for March delivery gained Rs 164, or 0.36 per cent, to Rs 45,899 per kg in 3,094 lots.

Similarly, the white metal for delivery in May was trading higher by Rs 209, or 0.45 per cent, to Rs 46,424 per kg in 38 lots.

Traders said fresh bets by participants in line with a firm trend in global markets mainly led to rise in silver futures.

In the international market, silver was up 0.41 per cent at $17.68 an ounce in New York.





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