Gold futures down, silver edges lower too

Mumbai-India (Dec 11)  Gold down to Rs 27,270 per 10 grams; silver eased to Rs 38,585 per kg

Gold prices were marginally down by 0.20 per cent to Rs 27,270 per 10 grams in futures trading on December 11 after participants offloaded partial positions amid weak cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month April contracts declined by Rs 54, or 0.20 per cent, to Rs 27,270 per 10 grams in a business turnover of five lots. Also, the metal for delivery in February next year shed Rs 50, or 0.18 per cent, to Rs 27,141 per 10 grams in 1,232 lots.

Market analysts said trimming of positions by speculators tracking a weak trend in overseas markets mainly put pressure on the precious metal at futures trade here. Globally, gold traded 0.18 per cent lower at USD 1,223.90 an ounce in Singapore on December 11.

Taking weak cues from global markets, silver prices eased by 0.21 per cent to Rs 38,585 per kg in futures trade on December 11 as speculators indulged in trimming positions. At the Multi Commodity Exchange, silver for delivery in far-month March next year contracts was down by Rs 83, or 0.21 per cent, to Rs 38,585 per kg in a business turnover of 1,205 lots.

Similarly, the white metal for delivery in May 2015 contracts shed Rs 26, or 0.07 per cent, to Rs 39,246 per kg in a business volume of 7 lots. In the international market, silver fell by 0.09 per cent to USD 17.04 an ounce in Singapore.

Market analysts said offloading of positions by speculators, triggered by a weak trend in global markets, led to the fall in silver prices at futures trade here.

Source: AsianAge