last In the first trading session of this week after registering a rise for weeks gold and silver A decline is being recorded in the prices of both the precious metals. Due to decreased demand in the spot market, the price of gold fell by Rs 773 to Rs 1,53,608 per 10 grams in futures trade on Monday.
Gold price also fell in the global market
In MCX, the price of gold for October delivery fell by Rs 773, or 0.5 percent, to Rs 1,53,608 per 10 grams. It was traded for 998 lots. Experts have attributed the main reason for this fall in gold prices to the weakness in spot demand. Globally, gold futures in New York fell 0.53 percent to $ 4,355.59 an ounce.
Silver prices fell by almost 1 percent
In the futures trade on Monday, the price of silver also fell by Rs 2024 to Rs 2,39,579 per kg due to reduction in the size of deals by traders. On MCX, the price of silver for December delivery fell by Rs 2024, or 0.84 per cent, to Rs 2,39,579 per kg. It was traded for 2096 lots.
Pressure on prices due to selling in silver
Experts said pressure on silver prices was mainly due to selling by market participants. Globally, silver was trading 0.20 per cent lower at $66.12 an ounce in New York.
Slight decline in crude oil prices
Amid weak global trend, the price of crude oil fell by Rs 138 to Rs 9,085 per barrel in futures trade on Monday. On MCX, crude oil futures for delivery in October slipped by Rs 138, or 1.5 per cent, to Rs 9,085 per barrel. It was traded for 7063 lots.
WTI Crude price fell below $100 per barrel
Experts said that this fall in prices was due to traders reducing deals amid weak demand in the spot market. Globally, West Texas Intermediate (WTI) crude oil was down 1.69 per cent at $98.60 per barrel in New York, while Brent crude fell 1.59 per cent at $102.22 per barrel.
