Gold and silver prices declined sharply in futures trade on Thursday amid weak spot demand and selling by market participants. On the Multi Commodity Exchange (MCX), gold contracts for December delivery fell by Rs 1,724, or 1.18 per cent, to Rs 1,44,355 per 10 grams in a business turnover of 1,474 lots.
Analysts attributed the decline in gold prices to weaker spot demand. In the international market, gold futures dropped 1.28 per cent to USD 4,087.75 per ounce in New York. Meanwhile, silver prices also witnessed a sharp decline on the MCX. Silver contracts for December delivery fell by Rs 5,521, or 2.64 per cent, to Rs 2,03,647 per kilogram in a business turnover of 2,591 lots.
Analysts said a sell-off by market participants weighed on silver prices. Globally, silver declined 3.01 per cent to USD 56.22 per ounce in New York.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
