Precious Metals: Gold and silver prices slump in futures trade owing to sluggish demand

New York (Oct 18)  Gold futures traded lower by Rs 51 at Rs 38,145 per 10 gram on Friday as speculators reduced their positions tracking a weak trend overseas.

Gold contracts for December delivery traded lower by Rs 51, or 0.13 per cent, at Rs 38,145 per 10 gm in 1,464 lots.

Similarly, gold for delivery in February next year fell by Rs 66, or 0.17 per cent, at Rs 38,420 per 10 gram in 115 lots.

Globally, gold prices dipped 0.15 per cent at $1,496 an ounce in New York.

Silver

Silver futures slumped by Rs 125 at Rs 45,420 per kg on Friday as participants cut down their bets in line with sluggish trend in overseas markets.

On the Multi Commodity Exchange, silver contracts for December delivery fell by Rs 125, or 0.27 per cent, at Rs 45,420 per kg in a business turnover of 3,006 lots.

Similarly, the white metal contracts for March next year traded lower by Rs 183, or 0.39 per cent, at Rs 45,306 per kg in a business volume of 18 lots.

In the international market, silver fell 0.27 per cent at $17.57 an ounce in New York.

Analysts said fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets.

ETnews