Precious Metals: Gold, silver futures down on profit booking, low demand

New Delhi: Gold prices fell 0.84 per cent to Rs 32,660 per 10 gram in futures trade Monday amid profit-booking by speculators at current levels.

On Multi Commodity Exchange, gold for delivery in August contracts was down by Rs 276, or 0.84 per cent, to Rs 32,660 per 10 gram in a business turnover of 16,463 lots.

Similarly, the metal for delivery in October contracts shed Rs 293, or 0.89 per cent, to Rs 32,805 per 10 gram in 1,844 lots.


Analysts attributed the fall in prices to trimming of positions by participants at the spot market.

Globally, the yellow metal prices mellowed after the United States dropped its threat to impose tariffs on Mexico, say reports.

Meanwhile, gold futures gained 1.11 per cent to USD 1,331.10 an ounce in New York.

Silver

Silver prices fell 0.37 per cent to Rs 36,847 per kg Monday as participants reduced their exposure in tandem with low demand at the spot market.

On the Multi Commodity Exchange, silver to be delivered in July contracts was trading lower by Rs 497, or 0.37 per cent, to Rs 36,847 per kg in a business turnover of 22,397 lots.

Similarly, the white metal for delivery in September contracts was down by Rs 464, or 1.23 per cent, to Rs 37,325 per kg in 5,121 lots.

Analysts attributed the weakness in silver prices at futures trade to cutting down of positions by participants to book profits at current levels.

Meanwhile, silver was trading 1.77 per cent higher at USD 14.77 an ounce in New York.