Gold futures fall to Rs 29,640 per gm

New Delhi-India (Aug10)  Gold prices softened by 0.09 per cent to Rs 29,640 per 10 grams at the futures trade due to trimming of positions by participants owing to a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in October month declined by Rs 28 or 0.09 per cent to Rs 29,640 per 10 grams in a business turnover of 727 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas. Gold prices fell 0.30 per cent to $1,208.50 an ounce in Singapore.

Taking weak cues from the global market, silver prices moved down by 0.35 per cent to Rs 38,837 per kg at the futures trade due to cutting down of positions by participants.

At the Multi Commodity Exchange, silver for delivery in December fell Rs 136 or 0.35 per cent to Rs 38,837 per kg in a business turnover of 122 lots. Similarly, the white metal for delivery in September contracts traded lower by Rs 109 or 0.29 per cent to Rs 38,018 per kg in 1,569 lots.

Analysts attributed the slide in silver futures to a weak trend in precious metals overseas. Globally, silver was trading 0.58 per cent down at $15.33 an ounce in Singapore.

BusinessLine