Futures retreat from record highs

Gold and silver prices eased from their record highs in futures trade as traders booked profits at elevated levels, dragging both precious metals into negative territory ahead of the keenly awaited US Federal Reserve monetary policy outcome.

Gold futures for October delivery fell Rs 259 or 0.24 per cent to Rs 1,09,897 per 10 grams, as investors trimmed their positions after the yellow metal touched a lifetime high of Rs 1,10,666 per 10 grams on Tuesday.

Silver futures fell 1.20 per cent to $42.40 per ounce. In the previous session, it had hit a 14-year high of $43.43 per ounce.