Analysts attribute the fall to a reduction in bets by the market participants on negative cues
Gold futures lost Rs 201 to Rs 48,380 per 10 gram and silver fell Rs 575 to Rs 71,144 per kg as speculators cut their positions on low demand.
Zinc prices on Friday declined 0.31 per cent to Rs 237.80 per kg and aluminum fell Rs 2.45 to Rs 193.60 per kg in the futures trade as speculators reduced their exposure taking negative cues from the spot market. Likewise, nickel prices slipped 0.56 per cent to Rs 1,310.80 per kg and copper also shed 1.17 per cent to Rs 760.95 per kg.
On the Multi Commodity Exchange, gold contracts for the June delivery declined by Rs 201, or 0.41 per cent, to Rs 48,380 per 10 gram in a business turnover of 1,960 lots, silver contracts for the July delivery tumbled by Rs 575, or 0.8 per cent, to Rs 71,144 per kg in a business turnover of 11,371 lots. Zinc contracts for the June delivery fell by75 paise, or 0.31 per cent, to Rs 237.80 per kg in 2,540 lots, aluminium for delivery in June slipped Rs 2.45, or 1.25 per cent, to Rs 193.60 per kg in 1,790 lots, nickel contracts for the June delivery eased by Rs 7.40, or 0.56 per cent, to Rs 1,310.80, copper contracts for the June delivery trader lower by 9, or 1.17 per cent, to Rs 760.95 per kg in a business turnover of 4,290 lots.
In New York, gold declined 0.25 per cent to $ 1,893.80 per ounce, while silver slid 0.59 per cent to $27.78 per ounce.