Gold prices moved down by 0.41 per cent to Rs 29,650 per 10 grams in futures trade today after participants offloaded partial positions on weak cues from the global market. At the Multi Commodity Exchange, gold for delivery in far-month June declined by Rs 122, or 0.41 per cent, to Rs 29,650 per 10 grams in a business turnover of 15 lots. Likewise, the metal for delivery in April shed Rs 112, or 0.37 per cent, to Rs 30,109 per 10 grams in 366 lots. Market analysts said a weak trend in the overseas markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts, mainly weighed on gold futures here. Globally, gold fell 0.40 per cent to USD 1,316.91 an ounce in Singapore today. On the other hand, Silver prices fell by 0.81 per cent to Rs 47,635 per kg in futures trade today after speculators trimmed positions on weak cues from the global market. At the Multi Commodity Exchange, silver for delivery in March fell by Rs 389, or 0.81 per cent, to Rs 47,635 per kg in a business turnover of 751 lots. Also, the white metal for delivery in May declined by Rs 398, or 0.81 per cent, to Rs 48,640 per kg in business volume of 82 lots. Market analysts said a subdued trend in the global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cut, triggered offloading of positions by speculators that led to fall in silver prices at futures trade here. In the international market, silver fell 0.70 per cent to USD 21.77 an ounce in Singapore.

Source