The slide in precious metals extended into Friday, the last trading day of the week, with both gold and silver once again trading in the red on the MCX. In early trade, gold slipped by as much as 0.36 percent, while silver saw a milder softening of 0.10 percent. What stood out, however, was that while the fall on the futures market stayed modest, silver had taken a sharp plunge in Delhi's bullion market just a day earlier.
Where gold stood on MCX
At around 10.10 in the morning on Friday, the August 5 delivery contract for gold had fallen 516 rupees, or 0.36 percent, to trade at 1,44,784 rupees per 10 grams. The session had also opened on a weak note, with gold starting at 1,44,890 rupees per 10 grams after a drop of 410 rupees. It had closed at 1,45,300 rupees per 10 grams on Thursday. Through the day's trade, gold swung between an intraday high of 1,45,061 rupees and an intraday low of 1,44,603 rupees per 10 grams.
A gentle dip in silver
Silver's movement was far calmer than gold's. The September 4 delivery contract was trading at 2,26,146 rupees per kilogram, down just 231 rupees or 0.10 percent. It had opened with a token loss of only 9 rupees at 2,26,368 rupees per kilogram, against Thursday's close of 2,26,377 rupees per kilogram. During trade, silver moved between a high of 2,26,990 rupees and a low of 2,25,871 rupees per kilogram.
Silver collapses in the Delhi bullion market
The real jolt came in the bullion market. On Thursday, silver in Delhi's bullion market crashed by a hefty 7,800 rupees to settle at 2,32,000 rupees per kilogram. A day earlier, on Wednesday, silver had closed here at 2,39,800 rupees per kilogram, meaning its price was badly dented within just 24 hours.
Gold's decline in the bullion market was comparatively mild. According to local traders, gold on Thursday eased 350 rupees to 1,48,100 rupees per 10 grams. Gold of 99.9 percent purity had closed the previous session, on Wednesday, at 1,48,450 rupees per 10 grams. Overall, both gold and silver remain under pressure for now, with the market watching closely for their next move.
