Bullion prices fall on weak global cues

New Delhi: Gold price fell Rs120 to Rs59,680 per 10 gram in the national capital on Friday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs59,800 per 10 gram. Silver also declined Rs300 to Rs73,000 per kg. In the overseas market, both gold and silver were down at $1,917 per ounce and $22.72 per ounce, respectively. Comex spot gold is set for its biggest weekly drop since mid-June after a Federal Reserve policy maker dampened optimism that easing inflation signaled the end of monetary policy tightening. Investors are now focusing on more US economic data due on Friday, including the Producer Price Index, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Futures rise on spot demand

Gold price on Friday increased by Rs77 to Rs58,930 per 10 gram in futures trade as speculato Rs created fresh positions on firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for October delivery traded higher by Rs77 or 0.13 per cent at Rs58,930 per 10 gram in a business turnover of 13,803 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.09 per cent higher at $1,950.60 per ounce in New York. Silver prices on Friday climbed Rs104 to Rs70,085 per kilogram in futures trade as participants widened their bets on a firm spot demand. On the MCX, silver contracts for September delivery gained Rs104 or 0.15 per cent to Rs70,085 per kg in 18,372 lots. Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend. Globally, silver was trading 0.29 per cent lower at $22.76 per ounce in New York.

Brent crude up 0.12% at $86.50/bbl

Crude oil futures on Friday declined by 0.07 per cent to Rs6,868 per barrel as participants trimmed their positions on low demand. On MCX, crude oil for August delivery fell by Rs5 or 0.07 per cent to Rs6,868 per barrel with a business volume of 6,503 lots. Globally, West Texas Intermediate crude oil was trading 0.18 per cent higher at $82.97 per barrel, and Brent crude was up 0.12 per cent at $86.50 per barrel in New York.