Domestic futures markets registered significant losses in gold and silver following a slight bounce-back in the previous session driven by global weakness, leading MCX Gold for December 4 delivery to drop Rs 1,500 to a low of Rs 1,38,678 per 10 grams compared to its earlier close of Rs 1,40,186, and December MCX Silver to plummet Rs 5,667 to a low of Rs 1,78,112 per kilogram from the preceding close of Rs 1,83,779, while subsequent tracking showed MCX Gold at 1,38,716 lower by Rs 1,470 or 1.05 per cent and MCX Silver at Rs 1,78,557 lower by Rs 5,222 or 2.84 per cent. Commenting on the price action, Enrich Money CEO Ponmudi R explained that MCX Gold is tracking COMEX Gold’s losses while holding up better than silver, and a steadier rupee trading near 94.70 is also dampening domestic price pressures from overseas markets after closing Monday at 94.89 amid a strong dollar. Internationally, gold breached the $4,000 per ounce mark downward as COMEX Gold December expiry changed hands at $3,929 per ounce, down $40.60 or 1.20 per cent, while COMEX Silver was priced at $49.295, down $1.5 or 3.13 per cent, reflecting similar downward revisions across India’s physical retail market where 24-karat gold traded at Rs 1,39,330 per 10 grams and 22-karat gold was priced at Rs 1,27,719 per 10 grams based on data from bullion.co.in.
Sharp Correction in Bullion: Gold Breaches Rs 1.39 Lakh Downward on MCX, Silver Erases Over Rs 5,500
