Gold futures down at Rs 29,640 per 10 gm

Mumbai-India (Aug 23)  Gold prices moved down by 0.22 per cent to Rs 29,640 per 10 grams at the futures trade due to cutting down of positions by speculators on weak global trend.

At the Multi Commodity Exchange, gold for delivery in October fell Rs 65 or 0.22 per cent to Rs 29,640 per ten grams in a business turnover of 17 lots.

Domestic sentiment was hit as gold prices edged down in global markets, after hitting their highest in over a week in the previous session, as the dollar steadied on expectations of rising US interest rates, analysts said.

Globally, gold fell 0.41 per cent to $1,190.40 an ounce in Singapore.

Silver prices drifted down 0.57 per cent to Rs 36,690 per kg at the futures trade today as participants reduced their exposure owing to weak global cues.

At the Multi Commodity Exchange, silver for delivery in September fell Rs 210, or 0.57 per cent to Rs 36,690 per kg in a business turnover of 651 lots. Likewise, the white metal for delivery in December contracts was down Rs 185, or 0.49 per cent, at Rs 37,531 per kg in 90 lots.

Analysts said offloading of positions by traders in tandem with a weak trend in precious metals overseas, influenced silver prices at the futures trade. Globally, silver fell 0.88 per cent to $14.60 an ounce in Singapore.

BusinessLine