Bullion futures tumble on weak global cues

Gold futures plunged by 3.08 per cent today on brisk selling by traders, triggered by weak global cues.

On the Multi Commodity Exchange, gold for delivery in April, which was the most active contract, tumbled by 3.08 per cent to Rs 15,319 per 10 gram.

June gold fell by 2.97 per cent to Rs 15,338 per 10 gram, while the  August contract shed 2.81 per cent to Rs 15,351 per 10 gram.

Similar trends were seen in silver, which declined 2.79 per cent in futures trading on selling by traders in line with a weakening global market.

May silver, the  most contract fell by 2.79 per cent to Rs 22,009 per kg. The contract recorded a business volume of 3,592 lots.

Silver for delivery in July shed 2.76 per cent to Rs 22,240 per kg, while the March month contract lost 2.15 per cent to Rs 21,925.

Marketmen said brisk selling by traders and speculators amid reports of falling prices in the overseas market mainly led to the fall in bullion prices. They also attributed the decline to weak spot markets.

Meanwhile, gold prices traded lower in Asia at $928 an ounce against precious close of $955.