Precious Metals: Gold, silver slump in futures trade amid low demand

Gold prices on Wednesday fell by Rs 105 to Rs 39,806 per 10 gram in futures trade as participants cut down their positions in line with a weak trend overseas.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 105, or 0.26 per cent, to Rs 39,806 per 10 gram in a business turnover of 1,373 lots.

The yellow metal for April delivery slumped Rs 136, or 0.34 per cent, to Rs 39,895 per 10 gram in 124 lots.


Analysts said subdued overseas cues influenced sentiments here.

Globally, gold was trading 0.46 per cent lower at $1,550.70 an ounce in New York.

Silver
Silver futures on Wednesday slumped by Rs 60 to Rs 46,083 per kg as participants cut down their bets amid subdued global trend.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 60, or 0.13 per cent, to Rs 46,083 per kg in a business turnover of 3,228 lots.

Besides, the white metal to be delivered in May fell by Rs 103, to Rs 46,581 per kg in 73 lots.

In the international market, silver prices traded 0.35 per cent lower at $17.75 an ounce in New York.