Weak Demand Drives a Sharp Decline in Gold, Silver Prices
Participants trim their chances on negative cues of market, causing prices to shrink
Gold prices fell Rs 61 to Rs 48,492 per 10 gram and silver futures on Tuesday dropped Rs 411 to Rs 71,400 per kg as as speculators decreased their positions amid poor demand.
In New York, gold declined 0.19 per cent to $1,883.10 per ounce, while silver slid 0.61 per cent to $27.74 per ounce.
Zinc prices on Tuesday dropped 0.11 per cent to Rs 229 per kg and aluminum fell Rs 1.65 to Rs 188.30 per kg in the futures trade as speculators reduced their positions taking negative cues from the spot market.
Similarly, nickel prices fell 0.63 per cent to Rs 1,253.60 per kg after participants removed their bets amid weak demand in the spot market. Copper shed 0.3 per cent to Rs 748.80 per kg as participants cut their positions amid muted demand in the domestic market.
On the Multi Commodity Exchange, gold contracts for the June delivery declined by Rs 61, or 0.13 per cent, to Rs 48,492 per 10 gram in a business turnover of 5,469 lots, silver contracts for the July delivery tumbled by Rs 411, or 0.57 per cent, to Rs 71,400 per kg in a 10,722 lots, zinc contracts for the May delivery fell by 25 paise, or 0.11 per cent, to Rs 229 per kg in 530 lots, aluminium for delivery in June slipped Rs 1.65, or 0.87 per cent, to Rs 188.30 per kg in 1,511 lots, nickel contracts for the June delivery eased by Rs 7.90, or 0.63 per cent, to Rs 1,253.60 per kg in 2,231 lots, copper contracts for the June delivery trader lower by Rs 2.25, or 0.3 per cent, to Rs 748.80 per kg in 3,938 lots.