Gold futures slump on weak global cues, silver falls 0.6 per cent, check prices here
New Delhi | Agencies: Gold prices on Wednesday fell Rs 104 to Rs 45,962 per 10 gram in futures trade as participants were engaged in profit-booking at prevailing levels in tandem with the yellow metal slipping overseas.
On the Multi Commodity Exchange, gold prices for June delivery plunged 0.23 per cent or Rs 104 to Rs 45,962 per 10 gram. The precious yellow metal for August delivery declined 0.33 per cent or Rs 152 to Rs 46,085 per 10 gram.
Meanwhile, spot gold markets remained shut due to the countrywide lockdown.
In the international market, gold was trading flat at USD 1,707 per ounce. Spot gold rose 0.2 per cent to USD 1,711.31 per ounce, while US gold futures climbed 0.3 per cent to USD 1,727.50 per ounce.
"There's a movement out of the dollar because there's a lot of uncertainty around an event like the Fed meeting, and that's supporting a little bit of a lift in gold on an intra-day basis," said IG Markets analyst Kyle Rodda as quoted by Reuters.
"With central banks increasing liquidity in financial markets, low interest rates and rising money supply are all factors that are bullish for gold in the longer term," Phillip Futures said in a note.
Silver prices, on the other hand, rose 0.63 per cent to Rs 42,610 per kg in futures trade as participants widened their bets on firm spot demand.
On the MCX, silver contracts for July delivery gained 0.63 per cent or Rs 266 Rs 42,610 per kg in 47,646 lots.
In the international market, silver was quoting 1.06 per cent up at USD 15.49 per ounce in New York.
Elsewhere, Palladium rose 3 per cent to USD 1,974.33 an ounce, while platinum gained 0.4 per cent to USD 775.18 per ounce, silver was up 0.1 per cent to USD 15.20 per ounce.
(with PTI, Reuters inputs)
Posted By: James Kuanal