Gold prices decline as global prices down; silver tumbles

AgenciesUpdated: Thursday, June 03, 2021, 03:34 PM IST
Gold becomes cheaper by Rs 200 per 10 gram; silver costlier by Rs 1,000 |

Gold prices fell Rs 327 to Rs 49,274 per 10 gram in the futures trade on Thursday, as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for the August delivery traded lower by Rs 327, or 0.66 percent, to Rs 49,274 per 10 gram in a business turnover of 12,352 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants.

Globally, gold traded 0.61 percent lower at $1,898.30 an ounce in New York.

Gold in the national capital on Thursday dipped Rs 339 to Rs 48,530 per 10 gram following decline in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 48,869 per 10 gram.

Silver also tumbled Rs 475 to Rs 70,772 per kilogram from Rs 71,247 per kilogram in the previous trade.

In the international market, gold was trading lower at $1,893 per ounce and silver was flat at $27.79 per ounce.

"Gold prices witnessed selling from five month highs trading below $1,900," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

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