Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
The Economic Times

Precious Metals: Gold trades lower, silver higher in futures trade amid strong demand

Gold prices on Tuesday fell Rs 39 to Rs 38,190 per 10 gram in futures trade as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for December delivery traded lower by Rs 39, or 0.10 per cent, at Rs 38,190 per 10 gram in a business turnover of 1,863 lots.

Similarly, the metal for delivery in February was down by Rs 33 to Rs 38,212 per 10 gram in 266 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants.

Globally, gold traded 0.02 per cent higher at $1,472.20 an ounce in New York.

Silver futures on Tuesday traded Rs 188 higher at Rs 44,873 per kg after speculators raised bets, driven by a firm trend overseas.

Silver contracts for December delivery rose by Rs 188, or 0.38 per cent, to Rs 44,873 per kg in a business turnover of 4,420 lots on the Multi Commodity Exchange.

Besides, the white metal to be delivered in March shot up by Rs 174, or 0.38 per cent, to Rs 45,524 per kg in 296 lots.

Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices here.

In the international market, silver traded 0.71 per cent higher at $17.12 an ounce in New York.
Stay on top of business news with The Economic Times App. Download it Now!