Futures slide amid weak global cues

Gold and silver fell sharply in the futures market, tracking weakness in global bullion markets as growing optimism over a potential US-China trade deal and a strong dollar weighed on the safe-haven asset.

Gold futures for December delivery dropped by Rs 1,546, or 1.25 per cent to Rs 1,21,905 per 10 grams in a business turnover of 12,428 lots.

The yellow metal lost Rs 3,557, or 2.80 per cent, during the holiday-shortened week. Silver futures also witnessed steep losses on the MCX.

The white metal for December delivery plummeted by Rs 1,964, or 1.33 per cent to Rs 1,45,506 per kilogram in a business turnover of 20,367 lots. It had succumbed by crashing Rs 9,134, or 5.83 per cent, over the past week.