Gold prices dropped by ₹328 to ₹79,698 per 10 grams in futures trade on Monday, amid subdued demand in the spot market. On the Multi Commodity Exchange, February gold contracts were trading lower by 0.41% at ₹79,698 per 10 grams, with a business turnover of 6,333 lots. Analysts attributed the decline to weak global cues impacting the market.
Globally, gold futures decreased by 0.63 per cent to USD 2,753.23 per ounce in New York.
Silver prices plunged by ₹1,084 to ₹90,515 per kilogram in futures trade on Monday as participants trimmed their positions. On the Multi Commodity Exchange, March silver contracts fell by 1.18% to ₹90,515 per kg, with a business turnover of 22,127 lots. Analysts attributed the decline to a sell-off at prevailing levels in the market.
Globally, silver was trading 1.01 per cent lower at USD 30.276 per ounce in New York.