Gold and Silver Prices Dip on Weak Demand and Selling Pressure

Gold and silver prices dropped in futures trading on Tuesday, driven by weaker spot demand and selling activity. On the Multi Commodity Exchange (MCX), December gold contracts fell Rs 16, or 0.01 percent, to Rs 1,49,300 per 10 grams, with a turnover of 1,281 lots. Analysts pointed to reduced spot demand as the primary reason for the decline. Globally, gold futures in New York also saw a 0.20 percent drop to USD 4,131.19 per ounce.

Silver prices followed a similar trend, with December contracts on the MCX declining Rs 466, or 0.21 percent, to Rs 2,25,621 per kg. The turnover for silver was 1,938 lots. Analysts noted that selling pressure from participants was the main factor weighing on silver prices. Internationally, silver prices in New York were down 0.65 percent, trading at USD 60.67 per ounce.