Bullion futures slip on lower bets

Gold and silver prices declined in the futures trade as investors trimmed their positions after the US Federal Reserve’s latest meeting minutes signalled continued caution over rate cuts.

Gold futures for December delivery declined by Rs 511, or 0.42 per cent, to Rs 1,22,540 per 10 grams in a business turnover of 10,456 lots.

Silver futures were also under pressure, with the white metal for December delivery falling by Rs 411, or 0.26 per cent, to Rs 1,54,696 per kg in 12,309 lots.

“Gold prices pared gains after the release of the Federal Reserve’s latest meeting minutes, with market participants keeping an eye on update regarding Japan and economic data points which is again being delayed,” Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services, said.