Gold futures decline to Rs 30,007

New Delhi-India  (July 20)  Gold prices fell 0.45 per cent to Rs 30,007 per ten gram at the futures trade as participants trimmed their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in October declined by Rs 137, or 0.45 per cent, to Rs 30,007 per ten gram in a business turnover of nine lots. Similarly, the yellow metal for delivery in August contracts traded lower by Rs 119, or 0.40 per cent, to Rs 29,766 per ten gram in 213 lots.

Analysts said a weak trend overseas, as the dollar traded close to a one-year high, reducing investors’ appetite for precious metal, weighed on gold prices at the futures trade.

Meanwhile, gold fell 0.23 per cent to $1,219.50 an ounce in Singapore.

Silver prices dropped Rs 219 to Rs 38,075 per kg at the futures trade as buyers trimmed their positions owing to weak global cues.

At the Multi Commodity Exchange, silver for delivery in September was trading lower by Rs 219, or 0.57 per cent, at Rs 38,075 per kg, in a business turnover of 395 lots. The metal for delivery in December too lost Rs 197, or 0.50 per cent, to Rs 38,496 per kg, in a business volume of 4 lots.

Globally, silver was trading 0.07 per cent down at $15.27 an ounce in Singapore.

Marketmen attributed the fall in silver prices at the futures trade to a weak trend in precious metals overseas, as dollar climbed to a near one-year high, eroding the appeal for precious metals as a safe haven.

BusinessLine