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The Economic Times

Precious Metals: Gold, silver slumped in futures trade amid weak demand

Gold prices on Monday fell Rs 82 to Rs 37,912 per 10 gram in futures trade as participants cut down their bets amid a weak global trend.

On the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 82, or 0.22 per cent, to Rs 37,912 per 10 gram in a business turnover of 1,557 lots.

The yellow metal for delivery in February plunged Rs 54, or 0.14 per cent, to Rs 37,931 per 10 gram in 320 lots.

Analysts attributed the fall in prices to trimming of positions by investors tracking a weak trend in global market.

Globally, gold was trading 0.18 per cent lower at $1,465.90 an ounce in New York.

Silver prices on Monday slumped Rs 305 to Rs 44,140 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 305, or 0.69 per cent, to Rs 44,140 per kg in a business turnover of 2,582 lots on the Multi Commodity Exchange.

The white metal for delivery in March next year fell Rs 284, or 0.63 per cent, to Rs 44,800 per kg in a business turnover of 141 lots.

In the international market, silver traded lower by 0.46 per cent at $16.87 an ounce in New York.

Marketmen said trimming of positions by speculators at prevailing levels mainly exerted pressure on silver futures.
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