New Delhi: Gold prices fell by Rs 476 to Rs 48,427 per 10 grams in the futures trade on Monday as speculators reduced their positions amid low demand. On the Multi Commodity Exchange, gold contracts for the August delivery traded lower by Rs 476, or 0.97 per cent, to Rs 48,427 per 10 gram in a business turnover of 11,087 lots.
Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, gold traded 1.09 per cent lower at USD 1,859.20 an ounce in New York.
Silver futures on Monday dropped by Rs 713 to Rs 71,514 per kg, as participants reduced their bets on low demand. On the Multi Commodity Exchange, silver contracts for the July delivery tumbled by Rs 713, or 0.99 per cent, to Rs 71,514 per kg in a business turnover of 11,130 lots. Silver traded lower by 1.21 per cent at USD 27.81 per ounce in New York.