Gold price futures moved down by 0.19 per cent to Rs 28,509 per 10 gram today as participants offloaded positions partially,taking weak cues from the global market.
At the Multi Commodity Exchange,gold for delivery in February contracts declined by Rs 55,or 0.19 per cent,to Rs 28,509 per 10 gram in business turnover of 341 lots.
Likewise,the metal for delivery in April shed Rs 44,or 0.16 per cent,to Rs 27,898 per 10 gram in 23 lots.
Market analysts said a weak trend in the overseas markets as investor holdings extended declines to the lowest since 2009,mainly put pressure on the gold prices at futures trade here.
Globally,gold fell 0.3 per cent to USD 1,209.76 an ounce in early trade Singapore today.
Silver futures down 0.66 pc on global cues,weak spot demand
Tracking a weak trend in the precious metals overseas,silver prices fell 0.66 per cent to Rs 44,856 per kg in futures trade today as speculators reduced their exposures.
At the Multi Commodity Exchange,silver for delivery in March fell by Rs 298,or 0.66 per cent,to Rs 44,856 per kg in business turnover of 683 lots.
Similarly,the white metal for delivery in May declined by Rs 260,or 0.56 per cent,to Rs 45,830 per kg in business volume of 7 lots.
Market analysts said a subdued trend overseas as some investors lost faith in the precious metals as a safe haven investment amid a rally in US equities and an improving economy,which prompted the Federal Reserve to pare its USD 85 billion in monthly bond purchases,attributed fall in silver prices at futures trade here.
In the international market,silver fell 1 per cent to USD 19.88 an ounce in Singapore.