Silver plunges Rs 6,000, gold slides Rs 2,800
New Delhi: Gold ended a seven-session rally, with prices falling by Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital amid a weak trend in global markets. The yellow metal of 99.9 per cent purity had closed at Rs 1,59,800 per 10 grams. Silver also faced an even steeper sell-off, tumbling Rs 6,000 to Rs 2,40,000 per kilogram, according to the All India Sarafa Association. The white metal had settled at Rs 2,46,000 per kg in the preceding session. Traders said gold and silver prices fell sharply in the domestic market, tracking the weakness in overseas bullion markets. In the international markets, spot gold was trading 0.43 per cent lower at $4,389.67 per ounce, and spot silver dropped marginally to $65.03 per ounce.
Gold futures decline on low turnover
Gold prices dropped by Rs 437 to Rs 1,54,445 per 10 grams in futures trade amid a fall in spot demand. The yellow metal contracts for October delivery traded lower by 0.28 per cent in a business turnover of 848 lots. Analysts attributed the decline in precious metal prices to weaker spot demand. Globally, gold futures declined by 0.31 per cent to $4,394.57 per ounce in New York.
Silver futures fall on trimmed bets
Silver prices fell by Rs 836 to Rs 2,36,999 per kilogram in futures trade as participants reduced their bets. Silver contracts for September delivery declined by 0.35 per cent in 857 lots. Analysts said a sell-off by participants mainly weighed on silver prices. Globally, the white metal was trading 0.18 per cent up at $65.44 per ounce in New York.
Brent crude trade lower at $88.88/bbl
Crude oil price fell marginally by Rs 2 to Rs 7,843 per barrel in the futures trade on Thursday amid weak global trends. Crude oil futures for the September delivery slipped by 0.03 per cent in 804 lots. Analysts said the prices fell after participants offloaded their holdings amid weak demand in the spot market. Globally, West Texas Intermediate crude was trading 0.24 per cent lower at $83.07 per barrel, while Brent crude declined 0.11 per cent to $88.88 per barrel in New York.