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Gold prices tumbled Rs 394 to Rs 31,249 per 10 grams at the futures trade as participants indulged in off-loading their exposure in line with a weak trend overseas amid profit-booking at prevailing levels.
At the Multi Commodity Exchange, gold for delivery in December was trading sharply lower by Rs 394 or 1.25 per cent at Rs 31,249 per 10 grams in a business turnover of 9,586 lots. Globally, gold fell 1.39 per cent to $1,187 an ounce in New York yesterday.
Silver prices fell sharply by 2 per cent to Rs 38,490 per kg at the futures trade as speculators reduced their bets on weak global cues coupled with profit-booking.
Silver for delivery in far-month December dipped by Rs 784 or 2 per cent to Rs 38,490 per kg at the Multi Commodity Exchange. It clocked a business volume of 21,668 lots. The white metal for delivery in November, too, was trading lower by Rs 776, or 1.97 per cent, at Rs 38,525 per kg in a business turnover of 28,891 lots.
Market analysts said trimming of positions by participants in sync with a weak trend overseas, mainly pulled down silver prices at the futures trade. In the international market, silver traded 2.39 per cent lower at $14.38 an ounce in New York on Monday.
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