Silver and gold futures ease on global leads

Taking weak cues from the global market, silver prices declined by 0.14 per cent to Rs 38,407 per kg in futures trade today as participants reduced their exposure.

At Multi Commodity Exchange, silver for delivery in September fell by Rs 53, or 0.14 per cent, to Rs 38,407 per kg in a business turnover of 278 lots.

Likewise, the white metal for delivery in December contracts traded lower by Rs 50, or 0.13 per cent, to Rs 39,050 per kg in three lots.

Analysts attributed the fall to a weak trend in the precious metals overseas and profit-booking by participants.

Globally, silver was trading 0.30 per cent down at USD 16.68 an ounce in Singapore.

GOLD
Gold prices drifted lower by 0.21 per cent to Rs 28,520 per 10 grams in futures trading today as participants lowered their bets, tracking a weak trend overseas.

Besides, profit-booking by speculators after recent gains weighed on the prices.

At Multi Commodity Exchange, gold for delivery in August fell by Rs 60, or 0.21 per cent, to Rs 28,520 per 10 grams in a business turnover of 165 lots.

Similarly, the yellow metal for delivery in October contracts moved down by Rs 33, or 0.11 per cent, to Rs 28,790 per 10 grams in 98 lots.

Analysts said that besides a weakening trend overseas, profit-booking by speculators at higher levels mainly had a bearing.

Meanwhile, gold fell 0.13 per cent to USD 1,267.40 an ounce in Singapore.