Gold, Silver futures fall on weak global cues

New Delhi: Gold prices fell by 0.34 per cent to Rs 27,755 per ten grams in futures trade on May 19 as speculators trimmed their positions taking weak cues from the global markets. Gold for delivery in far-month August contracts shed Rs 94, or 0.34 per cent, to Rs 27,755 per ten grams in business turnover of 20 lots in futures trading at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in June month contracts fell by Rs 85, or 0.31 per cent, to Rs 27,532 per ten grams in 422 lots. Analysts said the fall in the yellow metal's prices at futures trade was mostly in tandem with a weak trend overseas before the US Federal Reserve releases minutes of its latest meeting and investors assess economic data for clues on when interest rates will rise. Globally, gold declined by 0.4 per cent to USD 1,220.50 an ounce in Singapore.

Tracking a weak trend overseas, silver prices fell sharply by Rs 319 to Rs 40,151 per kg in futures trade today as speculators engaged in off-loading positions. In futures trading at the Multi Commodity Exchange, silver for delivery in June contracts lost Rs 319, or 0.79 per cent, to Rs 40,151 per kg, with a turnover of 1,085 lots.

Also, the white metal for delivery in far-month September was trading Rs 302, or 0.74 per cent down at Rs 40,695 per kg in business turnover of 27 lots Marketmen said a weak trend in global markets before the Federal Reserve releases minutes of its latest meeting and investors assess economic data for clues on when interest rates will rise, weighed on silver futures here. Globally, silver dropped 1.2 per cent to USD 17.50 an ounce in Singapore on May 19.