Precious metals drop in futures trade

Gold and silver futures declined as traders reacted to the Federal Reserve’s cautious stance on further rate cuts and comments from US President Donald Trump hinting at progress in trade talks with China.

After closing higher in the previous session, gold futures for December delivery decreased by Rs 941, or 0.78 per cent, to Rs 1,19,725 per 10 grams in a business turnover of 12,987 lots.

Silver futures also witnessed steep losses, with the December contract depreciating by Rs 1,029, or 0.7 per cent, to Rs 1,45,052 per kilogram in 20,446 lots on the MCX.

In the international markets, Comex gold futures for December delivery slipped below the $4,000 per ounce mark, trading at $3,971.90 an ounce, down by $28.80, or 0.72 per cent.

On Wednesday, the precious metal had snapped a three-day losing streak to close higher at $4,000.7 per ounce.