The shine came off gold and silver for a second straight day this week, with both precious metals sliding the moment trading opened on the MCX on Tuesday. Gold eased by less than 1 percent, while silver took a heavier knock of more than 1 percent. As of the time of writing on Tuesday, gold was trading 0.64 percent lower and silver was down a sharp 1.19 percent, with both metals stuck in the red through the session.
Gold slips to an intraday low of 1,45,767
At around 09.53 am on Tuesday, the August 5 delivery contract for gold had dropped 937 rupees, or 0.64 percent, to 1,45,980 rupees per 10 grams. Gold had opened the day 351 rupees weaker at 1,46,566 rupees per 10 grams, after closing at 1,46,917 rupees per 10 grams on Monday. By the time of writing, it had swung from an intraday high of 1,46,566 rupees to an intraday low of 1,45,767 rupees per 10 grams.
Silver takes the bigger hit
Silver fared even worse than gold. The September 4 delivery contract fell 2,816 rupees, or 1.19 percent, to 2,33,283 rupees per kilogram. It had opened the day nursing a hefty loss of 1,999 rupees at 2,34,100 rupees per kilogram, against Monday's close of 2,36,099 rupees per kilogram. By the time of writing, silver had slid from an intraday high of 2,34,100 rupees to an intraday low of 2,32,862 rupees per kilogram.
Spot market also softer
The weakness was not confined to futures. In Delhi's bullion market on Monday, gold fell 150 rupees to 1,50,650 rupees per 10 grams. Gold of 99.9 percent purity had closed the previous session at 1,50,800 rupees per 10 grams. According to local traders, silver's four-day winning streak snapped on Monday, with the metal shedding 5,000 rupees from Friday's close of 2,45,000 rupees per kilogram to settle at 2,40,000 rupees per kilogram.
Pressure across the board
All told, Tuesday was a soft session for both metals. Each slipped into the red as soon as MCX trading began, and the losses deepened as the day wore on. The selling pressure was more visible in silver than in gold, which is why the per kilogram price shed thousands of rupees.
