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Slide in Gold and Silver Prices on Global Cues

Gold prices softened by 0.12 per cent to Rs 28,957 per 10 grams in futures trade today as speculators trimmed their positions, tracking a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in August declined by Rs 36, or 0.12 per cent to Rs 28,957 per ten grams in business turnover of 411 lots.

Likewise, the metal for deliveryl in October contracts shed Rs 32,000 or 0.11 per cent to Rs 29,112 per ten grams in 2 lots. Market analysts said offloading of positions by participants in line with a weak trend overseas, mainly led to decline in gold prices at futures trade.

Tracking a weak trend overseas, silver prices moved down by 0.28 per cent to Rs 39,057 per kg in futures market today as speculators cut down their bets. At the Multi Commodity Exchange, silver for delivery in July fell by Rs 108, or 0.28 per cent to Rs 39,057 per kg in business turnover of 818 lots.

Similarly, the white metal for delivery in far-month September contracts declined by Rs 95, or 0.24 per cent to Rs 39,625 per kg in 7 lots. Analysts attributed the fall in silver in futures trade to offloading of positions by participants in tandem with a subdued trend overseas.

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