Gold plunges Rs 43 and silver down by Rs 165, hit by weak global cues

New Delhi: Gold futures prices shed 0.16 per cent to Rs 26,628 per ten grams amid a weak trend in the global market. At the Multi Commodity Exchange, gold prices fell by Rs 43, or 0.16 per cent, to trade at Rs 26,628 per 10 grams for delivery in August contract.    The metal for delivery in October shed Rs 44, or 0.16 per cent, to Rs 26,855 per 10 grams in just two lots.   

Gold prices at futures trade fell as a firm dollar reduced demand for the precious metal amid investors assessing the development in Greece's debt crisis. Globally, gold fell 0.3 per cent to USD 1,176.59 an ounce in Singapore. Silver prices also declined Rs 165 to Rs 35,689 per kg in futures trade today as speculators trimmed positions amid a weak trend in global markets.  At Multi Commodity Exchange, silver for delivery in July traded lower by Rs 165, or 0.46 per cent, at Rs 35,689 per kg in a business turnover of 278 lots.    

Similarly, the white metal prices for September contracts declined by Rs 160, or 0.44 per cent, at Rs 36,235  per kg in a business volume of 293 lots.  In the international market, silver prices fell 0.8 per cent to USD 15.65 an ounce in Singapore, extending this quarter's slump to 6.1 per cent. Market analysts said a weak trend in global markets as a rising dollar reduced demand for precious metals led to fall in silver prices in futures trade.