Gold prices fell by Rs 52 to Rs 31,685 per 10 grams in futures trade on Monday as participants went for profit-booking at prevailing levels amid a weak trend overseas.
Gold prices fell by Rs 52 to Rs 31,685 per 10 grams in futures trade on Monday as participants went for profit-booking at prevailing levels amid a weak trend overseas. In futures trade at the Multi Commodity Exchange, gold for delivery in November shed Rs 52, or 0.16 per cent, at Rs 31,685 per 10 grams in a business turnover of 485 lots.
Similarly, the yellow metal for delivery in December eased Rs 45, or 0.14 per cent, to Rs 31,860 per 10 grams in a modest volume of 232 lots.
Analysts attributed the fall in gold futures to profit-booking by traders at the existing level and weakness in precious metals in the global market.
Globally, gold was trading 0.02 per cent lower at USD 1,227.20 an ounce in Singapore on Monday.
Meanwhile, Silver prices rose by Rs 29 to reach Rs 38,825 per kg in futures trading Monday as speculators created fresh positions amid firm trend overseas.
At the Multi Commodity Exchange, silver for delivery in December traded higher by Rs 29, or 0.07 per cent, at Rs 38,825 per kg, in a business turnover of 671 lots.
Likewise, the white metal for delivery in March contracts was trading higher by Rs 11, or 0.03 per cent, to Rs 39,631 per kg in 2 lots.
Analysts said building up of positions by speculators in line with a firm trend in global markets for precious metals influenced silver prices at futures trade.
Silver was up 0.27 per cent at USD 14.74 an ounce in Singapore Monday.
Earlier it was reported that high tariff duties coupled with an increasing gap in gold prices between India and Myanmar has led to an upsurge in smuggling of the yellow metal across the international border, a report compiled by anti-smuggling unit of Imphal customs division has said.
Manipur shares a 398-km-long porous international border with the neighbouring country.
An official of the customs division feels facilitating "free movement" of citizens for a stipulated period from Manipur's border town of Moreh to adjacent Namphalong market in Myanmar has made the conflict-ridden state "more prone to illicit trafficking of contraband gold".
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