Gold, Silver Prices Plummet in Futures Trade Amid Weaker Demand

Gold and silver prices took a hit in futures trade on Monday, weighed down by weaker demand and reduced bets from participants.

The Multi Commodity Exchange (MCX) saw gold contracts for October delivery fall Rs 773, or 0.5 per cent, to Rs 1,53,608 per 10 grams. Analysts attributed the decline in gold prices to spot demand issues.

Globally, gold futures declined 0.53 per cent to USD 4,355.59 per ounce in New York. Silver prices also took a hit on the MCX, with December contracts declining Rs 2,024, or 0.84 per cent, to Rs 2,39,579 per kg.

Analysts pointed out that a sell-off by participants mainly contributed to the decline in silver prices.