Gold futures down at Rs 30,800 on weak global cues

Mumbai-India (Sept25)  Gold prices went down 0.14 per cent to Rs 30,800 per 10 gram at the futures trade as participants reduced their bets, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in October was down Rs 42, or 0.14 per cent, at Rs 30,800 per 10 gram in a business turnover of 177 lots. Similarly, the metal for delivery in December was trading lower by Rs 28, or 0.09 per cent, at Rs 31,102 per 10 gram in 23 lots.

Analysts attributed the fall in prices to a weak trend overseas as investors stuck to the sidelines ahead of a US Federal Reserve meeting. Meanwhile, gold shed 0.05 per cent to $1,198.20 an ounce in Singapore.

Silver prices fell 0.47 per cent to Rs 38,470 per kg at the futures trade as speculators trimmed their positions owing to a weak trend overseas.

Silver for delivery in March next year traded lower by Rs 183, or 0.47 per cent, to Rs 38,470 per kg in a business turnover of 3 lots in futures trading at the Multi Commodity Exchange (MCX).

Similarly, the white metal for delivery in December fell Rs 137, or 0.36 per cent, to Rs 37,730 per kg in a business turnover of 605 lots.

In international market, silver traded 0.11 per cent lower at USD 14.21 an ounce in Singapore Tuesday.

Market analysts said a weak trend in precious metals in global markets as investors await details from Federal Reserve meeting, when the US central bank is expected to raise benchmark interest rates and shed light on the path for future rate hikes and profit-booking by speculators, kept pressure on silver futures.

BusinessLine