Gold declines on global cues

New Delhi: Gold in the national capital on Monday declined Rs 71 to Rs 46,503 per 10 gram in line with weak global precious metal prices. In the previous trade, the precious metal had closed at Rs 46,574 per 10 grams. In contrast, silver gained Rs 263 to Rs 64,168 per kilogram from Rs 63,905 per kilogram in the previous trade.

In the international market, gold was trading lower at $1,826 per ounce and silver was flat at $24.78 per ounce. "Gold prices traded off the two months high on Monday witnessing some selling on dollar recovery," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Gold futures fell by Rs79 to Rs47,445 per 10 gram in the futures trade on Monday as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange (MCX), gold contracts for October traded lower by Rs 79, or 0.17 per cent, to Rs 47,445 per 10 gram in a business turnover of 10,195 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 0.26 per cent lower to $1,828.90 an ounce in New York. Silver futures rose by Rs 247 to Rs 65,456 per kg in the futures trade on Monday as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange, silver contracts for the December delivery gained Rs 247, or 0.38 per cent, to Rs 65,456 per kg in 8,132 lots. Analysts said the rise in silver prices was mostly due to fresh positions built by participants on a positive domestic trend. Globally, silver was trading 0.33 per cent higher at USD 24.89 per ounce in New York.