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Gold prices drifted lower by Rs 216 to Rs 31,427 per 10 gram at the futures trade due to profit-booking by investors and a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in December was trading down Rs 216 or 0.68 per cent at Rs 31,427 per 10 gram with a business turnover of 673 lots. The metal for delivery in February next year, too, fell Rs 186 or 0.58 per cent to Rs 31,770 per 10 gram in 39 lots.
Analysts said apart from profit-booking by speculators at existing levels, the metal’s weakness in the overseas market, weighed on gold futures. In the international market, gold lost 0.66 per cent to $1,197.50 an ounce in Singapore.
Silver prices dropped by Rs 423 to Rs 38,851 per kg at the futures trade. Silver for delivery in December was trading sharply lower by Rs 423 or 1.08 per cent to Rs 38,851 per kg in a business turnover of 1,492 lots at the Multi Commodity Exchange.
Silver traded 0.11 per cent lower at $14.48 an ounce in Singapore. Market analysts said fall in silver prices at the futures trade was mostly attributed to profit-booking by speculators at prevailing levels and weak global cues as strong dollar eroded the appeal for precious metals as a safe haven investment.
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