Gold, silver futures trade lower on MCX, Comex as bullion weakens
Gold and silver futures opened lower on MCX and Comex, extending volatility in bullion after prices had earlier retreated from sharp record highs this year
 "Gold, silver futures trade lower on MCX, Comex as bullion weakens")
Gold and silver futures were trading lower in the domestic market on Tuesday, with both metals opening weak. At 9 am, gold futures in the domestic market were trading near ₹1,46,950 per 10 grams, while silver futures were around ₹2,27,850 per kg. In the international market, too, gold and silver futures were trading with losses on the Comex. The fall keeps bullion in a volatile range after both metals had earlier climbed to unusually high levels this year and then pulled back sharply.
How did gold trade on MCX?
Gold futures opened lower on the Multi Commodity Exchange (MCX). The benchmark August gold contract opened at ₹1,46,776 per 10 grams, compared with the previous close of ₹1,48,118.
At the time of writing, the contract was trading at ₹1,46,957, down ₹1,161. During the session, it touched a high of ₹1,47,055 and a low of ₹1,46,776. Gold futures had touched their highest level of the year at ₹1,80,779.
Why was silver weaker?
Silver futures also opened on a weak note. The benchmark July silver contract on the MCX opened at ₹2,27,676 per kg, against the previous close of ₹2,34,310.
At the time of writing, the contract was trading at ₹2,27,841, down ₹6,469. During the session, silver touched a high of ₹2,28,300 and a low of ₹2,27,125. Silver futures had touched their highest level of the year at ₹4,20,048 per kg.
The decline in silver was sharper in absolute terms than gold in Tuesday’s trade. Silver had also seen a large correction from its record level earlier this year.
What happened on Comex?
In the international market, gold and silver futures were trading lower. On the Comex, gold opened at $4,210.80 per ounce, compared with the previous close of $4,202.70 per ounce. At the time of writing, it was trading at $4,157.90 per ounce, down $44.80. Gold prices had touched their highest level of the year at $5,586.20 per ounce.
Comex silver futures opened at $65.21 per ounce, compared with the previous close of $65.58. At the time of writing, silver was trading at $63.10 per ounce, down $2.48. Silver prices had touched their highest level of the year at $121.79 per ounce.
MCX, Comex prices
Note: MCX gold futures prices are in rupees per 10 grams, 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.