Bullion prices opened the trading week on a weak note on Monday, September 7, with both gold and silver futures slipping from Friday's closing levels. The pullback came just one session after gold had closed higher in Delhi's spot bullion market, a reminder of how quickly sentiment can swing between the futures and physical markets.
How much gold slipped today
Around 10:23 am on Monday, the gold contract for delivery on October 5 was trading at Rs 1,52,160 per 10 grams, down Rs 607, or 0.40 percent, on the day. The contract had opened weak too, falling Rs 508 to open at Rs 1,52,279 per 10 grams, after settling at Rs 1,52,787 per 10 grams at the previous Friday's close. Through the session, gold swung between an intraday high of Rs 1,52,483 per 10 grams and an intraday low of Rs 1,50,078 per 10 grams. Measured against Friday's closing price, gold had shed as much as Rs 709 per 10 grams by the time of writing.
Silver loses its shine too
Silver followed gold lower. The contract for delivery on December 4 was changing hands at Rs 2,36,863 per kilogram on Monday, down Rs 795, or 0.33 percent. It had opened Rs 482 lower at Rs 2,37,176 per kilogram, compared with Friday's close of Rs 2,37,658 per kilogram. During the session, silver moved between an intraday high of Rs 2,37,496 per kilogram and an intraday low of Rs 2,36,423 per kilogram. Against Friday's closing price, silver had fallen by as much as Rs 1,235 per kilogram.
Friday told a different story in the spot market
The slide comes just a day after Delhi's bullion market saw gold prices rise for a second straight session, even as silver held steady. According to the All India Sarafa Association, 99.9 percent purity gold closed Friday's trade Rs 1,400 higher at Rs 1,60,900 per 10 grams. Silver, meanwhile, closed unchanged at Rs 2,40,500 per kilogram. The association's daily rate for Delhi's bullion market functions as a benchmark that jewellers and retail buyers across the country track for their own pricing. With Monday's futures showing renewed weakness, attention now turns to whether the rest of the week brings a similar pullback in the spot bullion market, given how closely futures and spot prices tend to move together for both metals.
