Gold, Silver Futures Decline on Weak Cues and Spot Demand

Gold futures saw a decline of 0.35% to Rs 1,55,396 per 10 grams in futures trade due to weak cues. The October delivery contracts traded lower on a business turnover of 9,895 lots. The global gold prices also fell by 0.36% to $4,457.60 per ounce in New York.

The yellow metal was affected by a fall in spot demand, which weighed heavily on the market. This trend was reflected globally as well, with a decline of 1.78% in silver prices to $65.01 per ounce in New York.

Analysts pointed out that participants mainly contributed to the sell-off, which had a significant impact on silver prices. The December delivery contracts for silver fell by 1.04% in a business turnover of 4,317 lots.