Precious Metals: Gold, silver futures dip on muted demand

Gold futures traded lower by Rs 89 at Rs 37,835 per 10 gram on profit booking by participants in tandem with the fall in price of the precious metal overseas.

Gold for October delivery was trading lower by Rs 89, or 0.23 per cent, at Rs 37,835 per 10 gram in a business volume of 1,573 lots.

Gold for December delivery fell by Rs 127, or 0.33 per cent, to Rs 38,557 per 10 gram in 422 lots.

Analysts said the fall in gold prices was mostly due to profit booking by participants at the domestic market.

Silver prices fell by Rs 90 to Rs 48,023 per kg in futures trade on Tuesday as investors trimmed their positions amid subdued demand, tracking weak trend overseas.

Silver for December delivery traded lower by Rs 90, or 0.19 per cent, at Rs 48,203 per kg in a business turnover of 2,211 lots on the Multi Commodity Exchange (MCX NSE 6.08 %).

Similarly, the white metal for March delivery fell by Rs 119, or 0.24 per cent, to Rs 49,010 per kg in a business turnover of 18 lots.

Analysts said muted demand, weak trend in precious metals in global markets and trimming of positions by speculators weighed on silver futures here.

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