Gold and Silver Both Slip as the Trading Week Opens on Monday, September 7

Gold futures fell as much as Rs 607 and silver Rs 795 on Monday, taking the day's total decline to Rs 709 for gold and Rs 1,235 for silver compared with Friday's close.

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.

What this means for you
These swings in gold and silver rates directly affect jewellery buyers, investors and everyone connected with the bullion trade.

• Across India: Both gold and silver have turned cheaper in the futures market, which could be welcome news for anyone planning wedding or festive-season jewellery purchases in the coming days. Prices are still above Rs 1,50,000 per 10 grams for gold, so it is worth tracking rates closely before making a large purchase.
• In Delhi: Gold closed Friday's trade in Delhi's sarafa bazaar at Rs 1,60,900 per 10 grams, well above current futures levels. Jewellers and buyers in the city will be watching the gap between the two markets, since Monday's futures decline could pull spot prices lower in the days ahead.
• For investors: Anyone holding gold or silver through futures or digital investment routes will see the value of their holdings move immediately with these prices, so short-term investors should be prepared for continued volatility.

Questions & Answers

1. How much did gold futures fall on Monday?
The gold contract for October 5 delivery was down Rs 607, or 0.40 percent, at Rs 1,52,160 per 10 grams around 10:23 am.

2. How much has gold fallen in total since Friday's close?
Compared with Friday's close of Rs 1,52,787 per 10 grams, gold had shed as much as Rs 709 per 10 grams by Monday.

3. How much did silver fall on Monday?
The silver contract for December 4 delivery was down Rs 795, or 0.33 percent, at Rs 2,36,863 per kilogram.

4. What was silver's total decline versus Friday's close?
Against Friday's close of Rs 2,37,658 per kilogram, silver had fallen by as much as Rs 1,235 per kilogram by Monday.

5. What happened in Delhi's sarafa bazaar on Friday?
99.9 percent purity gold closed Rs 1,400 higher at Rs 1,60,900 per 10 grams, while silver stayed unchanged at Rs 2,40,500 per kilogram.

6. What were the intraday ranges for gold and silver on Monday?
Gold moved between an intraday high of Rs 1,52,483 and a low of Rs 1,50,078 per 10 grams, while silver moved between Rs 2,37,496 and Rs 2,36,423 per kilogram.

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