Gold, silver futures: Prices continue to fall amid weak demand, silver down Rs 1,258 per kg

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Gold prices on Friday dropped by Rs 248 to Rs 1,40,100 per 10 grams in futures trade amid a fall in spot demand.

On the Multi Commodity Exchange, yellow metal contracts for August delivery traded lower by Rs 248, or 0.18 per cent, at Rs 1,40,100 per 10 grams in a business turnover of 1,026 lots.

Analysts attributed the decline in precious metal prices to weaker spot demand.

Globally, gold futures fell by 0.23 per cent to USD 3,985.52 per ounce in New York.

Silver prices on Friday fell by Rs 1,258 to Rs 2,14,755 per kilogram in futures trade as participants reduced their bets.

On the Multi Commodity Exchange, silver contracts for September delivery declined by Rs 1,258, or 0.58 per cent, to Rs 2,14,755 per kg in a business turnover of 1,563 lots.

Analysts said a sell-off by participants mainly weighed on silver prices.

Globally, the white metal was trading 0.11 per cent lower at USD 58.46 per ounce in New York.

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