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Precious Metals: Gold, silver slump in futures trade amid low demand

Gold prices on Friday fell by Rs 242 to Rs 40,041 per 10 gram in futures trade.

PTI|
Last Updated: Jan 24, 2020, 03.10 PM IST
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Silver futures on Friday plunged by Rs 178 to Rs 46,202 per kg.
Gold prices on Friday fell by Rs 242 to Rs 40,041 per 10 gram in futures trade as participants cut down their positions in line with a weak trend overseas.

On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 242, or 0.60 per cent, to Rs 40,041 per 10 gram in a business turnover of 2,627 lots.

The yellow metal for April delivery slumped Rs 235, or 0.58 per cent, to Rs 40,149 per 10 gram in 397 lots.

Analysts said subdued overseas cues influenced sentiments here.

Globally, gold was trading 0.33 per cent lower at $1,560.30 an ounce in New York.

Silver

Silver futures on Friday plunged by Rs 178 to Rs 46,202 per kg as participants cut down their bets taking weak cues from overseas markets.

On the Multi Commodity Exchange, silver contracts for March delivery tumbled by Rs 178, or 0.38 per cent, to Rs 46,202 per kg in a business turnover of 2,435 lots.

Besides, the white metal to be delivered in May fell by Rs 107, 0.23 per cent, to Rs 46,748 per kg in 47 lots.

In the international market, silver prices traded 0.13 per cent lower at $17.81 an ounce in New York.

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