Precious Metals Slide Amid Weaker Demand

Gold prices declined in futures trade globally and domestically, reflecting weaker demand in the market. Globally, gold futures fell by 0.40% to $4,369.76 per ounce in New York. Silver prices also decreased as participants reduced their positions, with silver contracts for December delivery on the MCX falling Rs 476 or 0.20%, to Rs 2,34,310 per kg, with a business turnover of 12,785 lots.

The precious metals remained under pressure amid subdued demand and selling activity in domestic futures markets. Analysts attributed the decline in gold prices to weaker demand in the spot market. In the international market, silver was trading 0.08% lower at $64.870 per ounce in New York.