Gold prices fell by 0.26 per cent to Rs 29,478 per 10 grams in futures trading today as participants trimmed their positions to lock-in gains amid a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in December declined by Rs 76, or 0.26 per cent to Rs 29,478 per ten grams in business turnover of 541 lots. Similarly, the yellow metal for delivery in far-month February next year contracts traded lower by Rs 48, or 0.16 per cent to Rs 29,524 per ten grams in 16 lots. Analysts said apart from profit-booking by participants after recent gains, a weakening trend in the overseas markets where gold declined as the dollar strengthened, reducing appeal of the precious metals a safe haven, mainly weighed on gold prices at futures trade here. Meanwhile, gold fell 0.32 per cent to USD 1,276.42an ounce in Singapore today. Taking weak cues from global market, silver prices tumbled by Rs 116 to Rs 39,761 per kg in futures trade today as participants engaged in cutting down their bets. Moreover, profit-booking too put pressure on silver prices.
At the Multi Commodity Exchange, silver for delivery in December was trading lower by Rs 116 or 0.29 per cent to Rs 39,761 per kg in a business turnover of 358 lots. The white metal for delivery in March next year too lost Rs 104 or 0.26 per cent to Rs 40,344 per kg in a business volume of 2 lots. In the international market, silver was trading 0.22 per cent down at USD 16.99 an ounce in Singapore. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas as strength in the dollar, eroded demand for the precious metals as a haven.