Gold, silver futures soften on global cues

Silver prices softened by 0.80 per cent to Rs 58,200 per kg in futures trading on Wednesday after speculators reduced their positions, tracking weak global markets.

At the Multi Commodity Exchange, silver for delivery in September declined by Rs 472, or 0.80 per cent to Rs 58,200 per kg, with a business turnover of 39 lots.

Similarly, the white metal for delivery in July fell by Rs 452, or 0.78 per cent to Rs 57,467 per kg in 1,127 lots.

Analysts attributed the decline in silver futures prices to reducing of positions by speculators, taking cues from weak global markets.

Meanwhile, in the Asian region, silver traded 1.22 per cent lower at $38 an ounce.

Gold prices declined by Rs 91 to Rs 22,335 per 10 grams in futures trade on Wednesday due to a weakening trend overseas.

At the Multi Commodity Exchange, gold for delivery in June declined by Rs 91, or 0.41 per cent to Rs 22,335 per 10 grams, with a business turnover of 122 lots.

Likewise, the metal for August delivery lost Rs 90, or 0.40 per cent to Rs 22,578 per 10 grams, with a business volume of 503 lots.

Analysts attributed the fall in gold futures to off-loading of positions by speculators, triggered by a weakening global trend as investor's concerns that Greece may become the first euro country to default eased.

Meanwhile, gold traded lower by $3.80 to $1,530.50 an ounce in Asian region.