Gold futures drop Rs 26 on weak global cues, silver falls by Rs 78

New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 26 at Rs 26,474 per 10 gm on September 8 as speculators trimmed their positions. Gold for delivery in October eased Rs 26 or 0.10 per cent to Rs 26,474 per 10 gm in a business turnover of 195 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month December was trading down Rs 13, or 0.05 per cent to Rs 26,680 per 10 gm in 13 lots. Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal traded at three week lows as investors weighed whether the US Fed will raise interest rates at its meeting next week.

Meanwhile, gold prices fell 0.20 per cent to USD 1,120.50 an ounce in Singapore. Taking weak cues from overseas markets, silver prices fell by Rs 78 to Rs 35,115 per kg in futures trade on September 8, as participants reduced exposure.

At the Multi Commodity Exchange, silver for delivery in December shed Rs 78 or 0.22 per cent to Rs 35,115 per kg in a business turnover of 1,094 lots. Similarly, the white metal for delivery in far-month March next year declined by Rs 33 or 0.09 per cent to Rs 35,858 per kg in a business volume of three lots.

In the international market, silver fell 0.62 per cent to USD 14.49 an ounce in Singapore. Traders said the fall in silver prices at futures trade was largely in line with a weak trend in precious metals in global markets as investors weighed whether the Federal Reserve will raise interest rates at its meeting next week.