Commodity markets kicked off the trading week on a softer note following gains recorded during the previous week. Muted physical demand across domestic spot markets led to price declines in both gold and silver futures on Monday, while crude oil benchmarks also lost ground amid weaker global trading patterns.
Gold Contracts Ease on Domestic and Global Exchanges
On the Multi Commodity Exchange, October gold contracts fell by 773 rupees, or 0.5 percent, to settle at 1,53,608 rupees per 10 grams. The session witnessed trading activity across 998 lots for the contract. Analysts tracking the market attributed this downward movement primarily to sluggish buying interest in the physical spot market. The weakness was echoed internationally as well, with New York gold futures decreasing by 0.53 percent to trade at 4,355.59 dollars per ounce.
Selling Pressure Pushes Silver Lower
Silver futures faced sustained downward pressure on Monday as market participants trimmed their open positions. On the domestic derivatives exchange, December silver contracts dropped by 2024 rupees, or 0.84 percent, settling at 2,39,579 rupees per kilogram with a total traded volume of 2096 lots. Market observers noted that active selling by traders kept prices on the defensive throughout the session. On the global front, silver contracts in New York recorded a decline of 0.20 percent, changing hands around 66.12 dollars per ounce.
Crude Oil Slumps as WTI Drops Below 100 Dollars
Energy futures also reflected broader caution, with crude oil slipping 138 rupees, or 1.5 percent, to 9,085 rupees per barrel for October delivery on the Multi Commodity Exchange. The contract recorded a turnover of 7063 lots during Monday trading. Analysts noted that participants pared down their commitments in response to weak spot buying trends. In international trading, New York West Texas Intermediate crude dropped 1.69 percent to touch 98.60 dollars per barrel, falling under the 100 dollar threshold, while benchmark Brent crude fell 1.59 percent to 102.22 dollars per barrel.
