Gold futures decline to Rs. 28,420 per 10 gm; silver down at Rs. 42,621 per kg

Gold prices fell 0.82 per cent to Rs. 28,420 per 10 grams at the futures trade today amid a weak trend overseas and profit-booking by speculators.

On the Multi Commodity Exchange, gold for delivery in December fell Rs. 236 or 0.82 per cent to Rs.28,420 per 10 grams in a business turnover of 14 lots.

Likewise, the metal for delivery in October shed Rs. 224 or 0.78 per cent to Rs. 28,390 per 10 grams in 537 lots.

Analysts said besides profit-booking by speculators, a weak trend in the overseas market as the outlook for an improving US economy outweighed tensions in Ukraine, weighed on gold prices at the futures trade here.

Globally, gold traded 0.6 per cent lower at $1,297.46 an ounce Singapore today.

Silver futures

Silver prices fell 1.48 per cent to Rs. 42,621 per kg at the futures trade today as speculators partially offloaded positions amid a weak global trend.

On the Multi Commodity Exchange, silver for delivery in September moved down by Rs. 642 or 1.48 per cent to Rs. 42,621 per kg in a business turnover of 864 lots.

Similarly, the white metal for delivery in December declined by Rs. 812 or 1.39 per cent to Rs. 43,370 per kg in 69 lots.

Market analysts said speculators trimmed positions in tandem with a weak global trend as the outlook for an improving US economy outweighed tensions in Ukraine, influencing silver prices at the futures trade here.

Meanwhile, the white metal fell 0.4 per cent to $19.48 an ounce in Singapore today, the lowest since June 17.