MCX Gold Drops 881 Rupees as Global Metals Weaken
Gold and silver futures fell on Monday, with domestic gold losing 881 rupees and silver slipping 1,599 rupees.
Key points
- MCX gold futures opened 881 rupees lower at 1,53,500 per 10 grams.
- MCX silver futures opened 1,599 rupees lower at 2,40,004 per kg.
- Comex gold traded near 4,400 dollars per ounce during the session.
Gold futures on the Multi Commodity Exchange fell 881 rupees to open at 1,53,500 per 10 grams. This decline follows a softer start to the trading week for precious metals.
Silver futures simultaneously dropped 1,599 rupees to open at 2,40,004 per kilogram. Both contracts opened below their previous closing levels amid broader market weakness.
Domestic metals open lower
The benchmark October gold contract traded near 1,53,634 rupees during the session. It previously closed at 1,54,381 rupees, indicating a clear downward trend.
Silver futures moved in tandem with gold, touching a low of 2,40,004 rupees. The previous close for the December contract stood at 2,41,603 rupees per kg.
Global prices show weakness
Comex gold futures traded near 4,400 dollars per ounce during the morning session. This price level reflects a continuation of recent global price adjustments.
International silver futures hovered near 66.70 dollars per ounce, matching domestic softness. Business Standard reported these figures as the market opened on Monday.
Year-to-date highs remain distant
Gold prices had reached a peak of 1,80,779 rupees earlier this year. The current trading range is significantly below that earlier annual high mark.
Silver similarly peaked at 4,20,048 rupees per kg during its year-to-date high. Current levels are far below that maximum price point recorded earlier.
