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Gold and silver futures moved down as speculators trimmed positions amid a weak global trend.
Gold futures fell 0.60 per cent to Rs 26,965 per 10 gram today while silver futures moved down by 1.11 per cent to Rs 38,859 per kg.
At the Multi Commodity Exchange, gold prices for delivery in October were trading lower by Rs 164, or 0.60 per cent, at Rs 26,965 per 10 gram in a business turnover of 273 lots. On similar lines, metal prices for delivery in December eased by Rs 154, or 0.57 per cent, to Rs 26,818 per 10 gram in 273 lots.
Silver for delivery in March next year traded lower by Rs 436, or 1.11 per cent, to Rs 38,859 per kg in a business turnover of one lot. Similarly, the white metal for delivery in December declined by Rs 310, or 0.80 per cent, to Rs 38,206 per kg in a business volume of 798 lots.
Market analysts said the fall in gold and silver futures was mostly due to a weak overseas market where it fell to the lowest since January as the outlook for higher US interest rates and a stronger dollar cut demand for precious metals as hedges against inflation.
Meanwhile, gold traded 0.19 per cent lower at USD 1,206.40 an ounce in Singapore. Silver traded 0.47 per cent down at USD 16.89 an ounce, the lowest since March 2010.
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