Gold futures tumble 0.3 per cent on weak global cues, silver declines 0.4 per cent; check prices here
New Delhi | Jagran Business Desk: Gold futures on Wednesday declined 0.39 per cent to Rs 46,140 per 10 gram as participants offloaded the safe haven following a weak trend in global markets.
On the Multi Commodity Exchange, gold prices for June delivery fell 0.39 percent or Rs 182 to Rs 46,140 per 10 gram. The precious yellow metal for August delivery fell 0.42 per cent or Rs 197 to Rs 46,345 per 10 gram.
In the international markets, Gold eased to a two-week low on optimism about the reopening of the world economy. After hitting its lowest level since May 13 at USD 1,703 in the previous session, spot gold was 0.2 per cent down to USD 1,707.85 per ounce, while US gold futures were dipped 0.5 per cent to USD 1,697.60.
"What we saw over the preceding 24 hours was a break of relatively meaningful support at about USD 1,715," DailyFx currency strategist Ilya Spivak told Reuters.
"The positive story seems to be easing of restrictions and (that) there will be some sort of rebound in economic activity... but, there is (also) a lot of negativity. Tension between the U.S. and China is a huge risk," he added.
"The long-term consequences of this lockdown are not going away anytime soon and we aren't going to have the perfect economy," Spivak said.
Meanwhile, Silver futures plunged Rs 189 to Rs 47,632 per kg as participants cut down on their bets on low demand. On the MCX, silver contracts for July delivery tumbled 0.4 per cent or Rs 189 to Rs 47,632 per kg.
"Weak trends in overseas markets mainly kept pressure on silver prices here," Analysts told PTI.
Among other precious metals, palladium rose 0.6 per cent to USD 1,967.72 per ounce, while platinum gained 0.2 per cent to USD 831.16. Silver shed 0.4 per cent to USD 17.04.
(with PTI, Reuters inputs)
Posted By: James Kuanal