Besides, subdued demand at spot markets also put pressure on the prices at the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 78, or 0.26 percent, to Rs 29,787 per 10 grams in business turnover of 490 lots.

Similarly, metal prices for delivery in far-month December declined by Rs 23, or 0.08 percent, to Rs 29,396 per 10 grams in 155 lots.

Meanwhile, silver prices fell by Rs 347, or 0.68 pc, to trade at Rs 50,450 per kg in futures trade today as speculators engaged in reducing exposures.

At the Multi Commodity Exchange, silver for delivery in far-month May contract traded Rs 347, or 0.68 percent, lower at Rs 50,450 per kg in business turnover of two lots.

In a similar fashion, the white metal for delivery in December fell by Rs 308, or 0.61 percent lower, at Rs 48,341 per kg in 707 lots.

Analysts said the fall in gold and silver futures was mostly attributed to a weak trend overseas and a rising rupee, which made dollar-quoted precious metal cheaper. Slackened demand at domestic spot markets, too put pressure on the prices, they said.

Globally, gold prices fell 0.70 percent to trade at USD 1,323.80 an ounce in New York while silver prices fell by 0.82 percent to USD 21.55 an ounce in Singapore.


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