Gold falls ₹170 to ₹1,54,712 on MCX, silver slips ₹1,010 after firm start

Gold and silver futures slipped on Thursday after opening higher, even as global gold prices remained above $4,450 per ounce amid easing expectations of a rate increase by the Federal Reserve.

 

Investment demand and central bank buying continued to support gold prices. However, both precious metals lost ground after a firm start in domestic trade.

 

In the global market, gold was trading near $4,465 per ounce on Comex, while silver was around $65.60 per ounce. On the Multi Commodity Exchange (MCX), gold futures were trading near ₹1,54,700 per 10 gram at the time of writing, while silver futures were around ₹2,36,800 per kg.

Gold prices fall

Gold futures opened higher on MCX. The benchmark October gold contract opened at ₹1,55,071 per 10 gram, up ₹189 from the previous close of ₹1,54,882.

 

At the time of writing, the contract was trading at ₹1,54,712, down ₹170. During the session, it touched a high of ₹1,55,145 and a low of ₹1,54,694. Gold futures had touched their highest level of the year at ₹1,80,779.

Silver slips

Silver futures also opened higher. The benchmark September silver contract on MCX opened at ₹2,38,000 per kg, up ₹165 from the previous close of ₹2,37,835.

 

At the time of writing, the contract was trading at ₹2,36,825, down ₹1,010. During the session, it touched a high of ₹2,38,000 and a low of ₹2,36,825. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.

Gold, silver weak in international market

In the international market, gold and silver futures were trading lower.

 

On Comex, gold opened at $4,468.80 per ounce. The previous closing price was $4,467.50 per ounce. At the time of writing, gold was trading at $4,465.10 per ounce, down $2.40. Gold prices had touched their highest level of the year at $5,586.20 per ounce.

 

Comex silver futures opened at $65.45 per ounce. The previous closing price was $65.70. At the time of writing, silver was trading at $65.59 per ounce, down $0.11. Silver prices had touched their highest level of the year at $121.79 per ounce. 

MCX, Comex prices

Exchange	Commodity	Open	Previous close	Last traded price
MCX	Gold	₹1,55,071	₹1,54,882	₹1,54,712
MCX	Silver	₹2,38,000	₹2,37,835	₹2,36,825
Comex	Gold	$4,468.80	$4,467.50	$4,465.10
Comex	Silver	$65.45	$65.70

Note: MCX gold futures prices are in rupees per 10 gram, while MCX silver futures prices are in rupees per kg. Comex gold and silver futures prices are in dollars per ounce. Last traded prices are as of the time of writing.