The gold contract for delivery in August fell by 476 rupees, while the silver contract for delivery in July fell by 713 rupees.
New Delhi: In Monday’s futures trading, the price of gold fell by 476 rupees to 48,427 rupees per 10 grams, as speculators reduced their positions amidst sluggish demand. On multiple commodity exchanges, gold contracts for August delivery fell by 476 rupees, or 0.97%, to 48,427 rupees per 10 grams, with a turnover of 11,087 lots.
Analysts attribute the fall in gold prices to participants’ reductions in positions. Globally, the price of gold trading in New York fell 1.09% to US$1,859.20 per ounce.
As participants reduced their bets on low demand, silver futures fell by 713 rupees on Monday to 71,514 rupees per kilogram. On multiple commodity exchanges, silver contracts for July delivery fell by 713 rupees, or 0.99%, to 71,514 rupees per kilogram, with a turnover of 11,130 lots. Silver fell 1.21% in New York to US$27.81 per ounce.