Precious Metals: Gold futures slide on low demand, silver up on global cues

New Delhi: Gold prices dipped by 0.03 per cent to Rs 34,870 per 10 gram in futures trade Tuesday as speculators reduced exposure, driven by subdued demand at the spot market.

On the Multi Commodity Exchange, gold for delivery in August contracts fell by Rs 12, or 0.03 per cent, to Rs 34,870 per 10 gram in a business turnover of 17,290 lots.

Analysts said off-loading of positions by participants to book profits and a weak trend in the domestic markets, mainly influenced gold prices at futures trade here.

Globally, however, the prices of the precious metal recovered marginally 0.07 per cent to USD 1,414.50 an ounce in New York.

Silver

Silver prices rose 0.51 per cent to Rs 38,821 per kg Tuesday after speculators raised bets, driven by a firm trend in the overseas market.

Silver contracts for September delivery rose by Rs 196, or 0.51 per cent, to Rs 38,821 per kg in a business turnover of 19,600 lots on the Multi Commodity Exchange (MCX).

Besides, the white metal contracts for December delivery shot up by Rs 198, or 0.5 per cent, to Rs 39,510 per kg in 703 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 0.59 per cent higher at USD 15.46 an ounce in New York.