Gold and silver prices declined in futures trade on Wednesday, with gold falling Rs 509 and silver dropping Rs 2,124 on the Multi Commodity Exchange (MCX), amid weaker spot demand and selling by market participants. On the MCX, gold contracts for December delivery declined by Rs 509, or 0.35 per cent, to Rs 1,46,010 per 10 grams in a business turnover of 699 lots.
Silver contracts for December delivery fell by Rs 2,124, or 1 per cent, to Rs 2,09,361 per kilogram, with a business turnover of 1,404 lots. Analysts attributed the decline in gold prices to weaker spot demand, while selling by market participants weighed on silver prices.
In the international market, gold futures declined by 0.12 per cent to USD 4,120.11 per ounce in New York. Silver was trading 0.96 per cent lower at USD 57.38 per ounce. The decline in both precious metals reflected weakness in domestic futures trading, with silver recording a sharper fall than gold during the session.
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