Gold, silver futures decline as speculators reduce positions

Gold prices on Monday fell to Rs 51,484 per 10 gram while silver futures dropped to Rs 58,142 per kilogram

Gold prices on Monday fell by Rs 142 to Rs 51,484 per 10 gram in futures trade as speculators reduced their positions.

On the Multi Commodity Exchange, gold contracts for October delivery traded lower by Rs 142 or 0.28 per cent at Rs 51,484 per 10 gram in a business turnover of 15,612 lots.

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

Globally, gold was trading 0.02 per cent higher at $1,782.10 per ounce in New York.

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On the other hand, silver futures on Monday dropped by Rs 228 to Rs 58,142 per kilogram as participants cut their bets.

On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 228 or 0.39 per cent to Rs 58,142 per kg in a business turnover of 15,846 lots.

Globally, silver was trading 0.09 per cent higher at $20.22 per ounce in New York.