Precious Metals: Gold, silver slip in futures market on low demand

GOLD
Gold futures traded lower by Rs 258 to Rs 37,888 per 10 gram on Monday due to profit-booking by participants on low demand.

Gold for delivery in December was trading lower by Rs 258, or 0.68 per cent, to Rs 37,888 per 10 gram in a business volume of 1,965 lots.


Analysts said, the fall in gold futures was mostly attributed to profit-booking by participants at the domestic market.

Globally, the yellow metal prices declined 0.61 per cent to $1,497.20 an ounce in New York.

SILVER
Silver prices fell by Rs 418 to Rs 45,099 per kg in futures trade on Monday as investors reduced their positions amid subdued overseas trend.

Silver contracts for December delivery traded lower by Rs 418, or 0.92 per cent, to Rs 45,099 per kg in a business turnover of 2,961 lots on the Multi Commodity Exchange (MCX).

The white metal for delivery in March next year fell by Rs 452, or 0.98 per cent, to Rs 45,902 per kg in a business turnover of 73 lots.

In the international market, silver traded lower by 1.03 per cent at $17.47 an ounce on COMEX.

Marketmen said weak trend in precious metals overseas and trimming of positions by speculators at prevailing levels mainly put pressure on silver futures.