Gold, Silver slide on weak global cues

Gold and silver prices continued to slide in futures trading today, losing 1.45 per cent and 1.81 per cent respectively, on sustained selling by traders influenced by a weakening global trend.

On the Multi Commodity Exchange, gold for the most active April contract fell by 1.45 per cent to Rs 15,270 per 10 gram, in a trading volume of 7,427 lots.

A similar weakening trend was extended to June gold, which lost 1.39 per cent to Rs 15,273 in 418 lots and the August contract, which shed 1.28 per cent to Rs 15,311 in a single lot.

Silver for delivery in March, the most active contract, fell 1.81 per cent to Rs 22,350 per kg in 4,141 lots.

July silver moved down 1.76 per cent to Rs 22,735 per kg in three lots, while the May contract dipped 1.53 per cent to Rs 22,585 in 1,030 lots.

Marketmen experts said sustained selling by traders and report of a weakening trend in the global market mainly led to fall in both the precious metals.

Meanwhile, gold on the New York Mercantile Exchange traded at $950 dollar an ounce, down $16.20.