New Delhi: Gold futures prices on Tuesday fell by 1.06 percent to Rs 31,291 per 10 grams as speculators offloaded their positions in tandem with a weak global trend amid strengthening rupee. At the Multi Commodity Exchange, gold prices for delivery in far-month December fell by Rs 334, or 1.06 percent, to Rs 31,291 per 10 grams in business turnover of 92 lots. Similarly, metal prices for delivery in October declined by Rs 327, or 1.04 percent, to Rs 31,213 per ten grams in 1,269 lots. Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas on speculation that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand. Besides, strengthening rupee, making imports of dollar-quoted precious metal cheaper, also helped gold to trade lower, they said. Meanwhile, gold prices fell 0.8 percent to USD 1,375.81 an ounce in Singapore. Silver futures slide 1.91 percent Tracking a weak global trend and strengthening rupee, silver futures prices fell Rs 1,033, or 1.91 percent, to Rs 53,084 per kg, as speculators trimmed positions. At the Multi Commodity Exchange, silver prices for delivery in December plunged by Rs 1,033, or 1.91 percent, to Rs 53,084 per kg in business turnover of 959 lots. Similarly, the white metal prices for delivery in far-month March contracts lost Rs 937, or 1.69 percent, at Rs 54,379 per kg in 16 lots. Market analysts said a weak trend in the precious metals overseas on that the US Federal Reserve will start to pare stimulus from next week, and as a bid to avert military action in Syria eroded haven demand, mainly pulled down silver prices at futures trade. Further, continued rise in the rupee value, making imports of dollar-quoted precious metals cheaper, also weighed on silver prices, they said. Globally, silver for spot delivery sank 1.7 percent to USD 23.31 an ounce, retreating for a second day in Singapore.

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