Precious Metals: Gold, silver slump in futures trade amid weak demand
Gold prices on Thursday fell Rs 47 to Rs 38,108 per 10 gram in futures trade.
On the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 47, or 0.12 per cent, to Rs 38,108 per 10 gram in a business turnover of 1,876 lots.
The yellow metal for February delivery plunged Rs 32, or 0.08 per cent, to Rs 38,190 per 10 gram in 409 lots.
Analysts attributed the fall in prices to trimming of positions by investors, tracking a weak trend in global market.
Globally, gold was trading 0.24 per cent lower at $1,470.70 an ounce in New York.
Silver prices on Thursday slumped Rs 125 to Rs 44,694 per kg in futures trade as investors reduced their positions in line with weak trend overseas.
Silver contracts for December delivery traded lower by Rs 125, or 0.28 per cent, to Rs 44,694 per kg in a business turnover of 3,445 lots on the Multi Commodity Exchange.
The white metal for delivery in March next year fell Rs 109, or 0.24 per cent, to Rs 45,326 per kg in a business turnover of 99 lots.
In the international market, silver traded lower by 0.27 per cent at $17.22 an ounce in New York.
Marketmen said trimming of positions by speculators at prevailing levels mainly exerted pressure on silver futures.