Gold prices fell Rs 395 to Rs 29,340 per 10 grams at the futures trade due to offloading of positions by participants at prevailing high levels amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in October lost Rs 395 or 1.33 per cent to Rs 29,340 per 10 grams in a business turnover of 1,320 lots. Similarly, the metal for delivery in December eased by Rs 395 or 1.32 per cent to Rs 29,567 per 10 grams in a business volume of 64 lots.

Analysts attributed the fall in gold futures to cutting down of positions by traders at the existing level and the metal’s losses in global market in view of a stronger dollar. Globally, gold was trading 0.09 per cent lower at $1,173.70 an ounce, its lowest in over 19 months in Singapore.

Silver prices were up by 0.28 per cent at Rs 38,075 per kg at the futures trade as participants widened their bets shrugging off a weak trend overseas.

At the Multi Commodity Exchange, silver for delivery in September went up by Rs 107 or 0.28 per cent to Rs 38,075 per kg in a business turnover of 1,518 lots. Likewise, the white metal for delivery in far-month December lost Rs 91 or 0.23 per cent to Rs 38,900 per kg in 158 lots.

Analysts said widening of positions by traders helped silver prices to trade higher at the futures trade but a weak trend overseas restricted the gains. Meanwhile, silver was down by 0.13 per cent at $15.26 an ounce in Singapore.

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