Bullion futures slide ahead of US jobs data

Gold and silver prices declined for the second straight day in the futures trade, tracking weak global trends as investors booked profits ahead of the key US jobs data. Analysts said the employment numbers will offer fresh cues on the Federal Reserve’s monetary policy outlook.

On the Multi Commodity Exchange (MCX), gold futures for February delivery decreased Rs 896, or 0.65 per cent, to Rs 1,37,113 per 10 grams in a business turnover of 14,957 lots. Silver futures also witnessed heavy selling pressure on the MCX amid cautious positioning by traders.

The white metal for the March contract tumbled by Rs 7,365, or 2.94 per cent, to Rs 2,43,240 per kilogram in 12,295 lots.

On Wednesday, the metal had touched a new record of Rs 2,59,692 per kg before settling at Rs 2,50,605 per kg. In the last two trading sessions, silver prices have crashed by Rs 16,452, or 6.33 per cent.