Gold, silver futures dip on global cues

Gold fell by 0.14 per cent in futures trade on Monday amid a weak trend overseas along with profit-booking by speculators.

Silver prices too fell by over 1 per cent in futures trading on Monday as speculators reduced their positions.

At the Multi Commodity Exchange, gold for delivery in October declined by Rs 32, or 0.14 per cent, to Rs 22,787 per 10 grams, with a business turnover of 51 lots. Likewise, the metal for August delivery lost Rs 25, or 0.11 per cent, to Rs 22,520 per 10 grams, with a business volume of 1,137 lots. It had closed 0.11 per cent higher at Rs 22,545 per 10 grams in the previous session.

At the Multi Commodity Exchange, silver for delivery in July declined by Rs 591, or 1.09 per cent, to Rs 53,856 per kg, with a business turnover of 6,998 lots. Similarly, the white metal for delivery in September fell by Rs 685, or 1.06 per cent, to Rs 54,619 per kg in 357 lots.

Analysts attributed the decline in gold and silver futures prices to reduction of positions by speculators amid a weak trend overseas along with profit-booking by speculators.