Gold, Silver Futures Fall on Subdued Demand

Analysts attributed the fall in gold prices to the trimming of positions by participants

Gold, Silver Futures Fall on Subdued Demand
Gold, Silver Futures Fall on Subdued Demand
OLM Desk - 26 April 2021

Gold and silver prices fell as speculators reduced their positions amid low demand.

Gold prices fell by Rs 97 to Rs 47,435 per 10 gram in futures trade on Monday. Whereas, Silver futures dropped Rs 368 to Rs 68,306 per kg.

On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 97, or 0.2 per cent, at Rs 47,435 per 10 gram in a business turnover of 10,968 lots.

Analysts attributed the fall in gold prices to the trimming of positions by participants.

Silver contracts for May delivery tumbled by Rs 368, or 0.54 per cent, to Rs 68,306 per kg in a business turnover of 8,286 lots. It traded lower by 0.46 per cent at $26 per ounce in New York.

Nickel prices rose by 0.48 per cent to Rs 1,246 per kg in futures trade on Monday as speculators built fresh positions on rising demand from alloy makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for May delivery gained Rs 6, or 0.48 per cent, to Rs 1,246 per kg in a business turnover of 1,187 lots.

The rise in demand in the spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.

Aluminium prices rose 0.39 per cent to Rs 193.30 per kg in the futures trade on Monday.

On the Multi Commodity Exchange, aluminium contracts for May delivery gained 75 paise, or 0.39 per cent, to Rs 193.30 per kg in a business turnover of 2,156 lots.

Analysts said the creation of fresh positions by traders on-demand from consumer industries supported aluminium prices in the futures market.

Zinc prices rose by 0.52 per cent to Rs 231.10 per kg in futures trade on Monday tracking a firm trend in physical markets on the back of a pick-up in spot demand.

On the Multi Commodity Exchange, zinc contracts for May delivery traded higher by Rs 1.20, or 0.52 per cent, to Rs 231.10 per kg with a business turnover of 2,075 lots.

Marketmen said widening of positions by participants following a pick-up in demand from consuming industries kept zinc prices higher in futures trade.

Copper prices on Monday traded up 1.19 per cent at Rs 748.70 per kg in the futures market on the back of a pick-up in spot demand.

Copper contracts for delivery in May traded higher by Rs 8.80, or 1.19 per cent, at Rs 748.70 per kg in a business turnover of 4,366 lots.

Analysts attributed the rise in copper prices to the raising of bets by participants driven by a pick-up in spot demand.

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