Gold, silver prices fall on global cues

New Delhi: Gold fell Rs300 to Rs59,050 per 10 grams in the national capital on Wednesday amid a decline in overseas precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs59,350 per 10 grams. Silver also plunged Rs350 to Rs71,250 per kg. “Gold edged lower on Wednesday, with spot gold prices in the Delhi markets trading at Rs59,050/10 grams down by Rs300 per 10 grams,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

Futures back under pressure

Gold futures fell Rs77 to Rs58,030 per 10 grams as speculators reduced their positions. Silver futures fell Rs161 to Rs70,140 per kilogram as participants reduced their bets. On the Multi Commodity Exchange (MCX), gold contracts for August delivery traded lower by Rs77 or 0.13 per cent to Rs58,030 per 10 grams in a business turnover of 12,449 lots.

On MCX, silver contracts for July delivery declined Rs161 or 0.23 per cent to Rs70,140 per kg in a business turnover of 10,199 lots.

Brent crude trading at $71.89/bbl

Crude oil futures declined by 1.34 per cent to Rs 5,542 per barrel as participants trimmed their positions on low demand. Globally, West Texas Intermediate (WTI) crude oil was trading 0.49 per cent lower at $67.37 per barrel, and Brent crude fell 0.51 per cent to $71.89 per barrel in New York. On MCX, crude oil for July delivery fell by Rs75 or 1.34 per cent to Rs5,542 per barrel with a business volume of 20,724 lots.