Bullion futures slip on weak cues

Gold price declined by Rs 992 to Rs 1.59 lakh per 10 grams in the futures trade on Friday, tracking a bearish sentiment in the international markets and a stronger US dollar.

On the Multi Commodity Exchange, the yellow metal for April delivery depreciated by Rs 992, or 0.62 per cent, to Rs 1,59,279 per 10 grams in a business turnover of 7,891 lots.

Silver price plunged by Rs 5,354 to Rs 2.62 lakh per kilogram in the futures trade as rising crude oil prices and persistent inflationary concerns weighed on the investor sentiment.

The white metal for May delivery slumped 2 per cent in a 5,900 lots. Analysts said silver prices came under pressure amid a strong US dollar and volatility in the global commodities market.