Demand Slump Drags Gold, Silver Downhill
Aluminium prices rise as speculators build up fresh positions over positive trend in spot market
Gold prices fell to Rs 47,161 per 10 gram in futures trade on Tuesday, as speculators reduced their positions amid low demand. Silver futures dropped Rs 137 to Rs 70,763 per kg as participants reduced their bets on low demand.
Aluminium prices rose 0.46 per cent to Rs 195.15 per kg in the futures trade on Tuesday as speculators built up fresh positions amid a positive trend in the spot market. Copper futures slipped 0.5 per cent to Rs 762 per kg as participants cut their positions amid muted demand in the domestic market. Zinc prices rose by 1 per cent to Rs 236.50 per kg, tracking a firm trend in physical markets on the back of a pick-up in spot demand.
On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 158, or 0.33 per cent, at Rs 47,161 per 10 gram in a business turnover of 10737 lots, silver contracts for July delivery tumbled by Rs 137, or 0.19 per cent, to Rs 70,763 per kg in a business turnover of 1,0259 lots, aluminium contracts for the May delivery gained 90 paise, or 0.46 per cent, to Rs 195.15 per kg in a business turnover of 1997 lots, copper contracts for June delivery eased by Rs 3.80, or 0.5 per cent, to Rs 762 per kg in a business turnover of 216 lots, and zinc contracts for May delivery traded higher by Rs 2.35, or 1 per cent, to Rs 236.50 per kg with a business turnover of 2,725 lots.
Globally, gold traded 0.40 per cent lower at $1,784.70 an ounce and silver traded lower by 0.17 per cent at $26.92 per ounce in New York.