Gold and silver futures weaken on global cues

New Delhi-India (June 27)  Gold prices fell 0.09 per cent to Rs 30,528 per 10 gram at the futures trade as speculators trimmed their positions, owing to weak global cues.

At the Multi Commodity Exchange, gold for delivery in far-month August declined by Rs 26 or 0.09 per cent to Rs 30,528 per ten grams in a business turnover of 181 lots.

Analysts said off-loading of positions by participants due to a weak trend overseas, as the dollar firmed up on easing risk aversion and expectations of further interest rate hikes by the US Federal Reserve, weighed on gold prices at the futures trade.

Globally, gold fell 0.32 per cent to $1,254.16 an ounce, its lowest since mid-December last year in Singapore.

Silver prices drifted lower by 0.06 per cent to Rs 40,270 per kg at the futures trade as speculators cut down their bets owing to a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in far-month September fell Rs 26, or 0.06 per cent to Rs 40,270 per kg in a business turnover of 21 lots. Likewise, the white metal for delivery in July shed Rs 22 or 0.06 per cent to Rs 39,618 per kg in 203 lots.

Analysts said the slide in silver prices was mostly due to off-loading of positions by participants owing to a weak trend in global markets. Meanwhile, silver fell 0.49 per cent to $16.19 an ounce in Singapore.

BusinessLine