Gold and Silver Price Update: Delhi Bullion Market Sees Consecutive Declines While MCX Bounces Back
Precious metal markets presented a contrasting trend as retail gold prices in the Delhi bullion market witnessed a downward correction for the second consecutive day, while silver prices maintained stability. The local correction was largely attributed to profit-booking by traders after recent rallies and subdued signals from international spot exchanges. However, futures contracts on the Multi Commodity Exchange (MCX) displayed a sudden and robust upward movement during late trading sessions, keeping investors on high alert as global geopolitical tensions and US economic indicators drive market volatility.
Delhi Bullion Market Trends: Gold Slips While Silver Holds Steady
In the national capital's physical bullion market, retail gold prices lost some shine as profit-taking set in. Gold with 99.9% purity dropped by ₹800, settling at ₹156,200 per 10 grams compared to its previous close of ₹157,000. In contrast, physical silver prices remained resilient and stable, holding firm at ₹240,000 per kilogram inclusive of all local taxes. Market experts note that retail buyers and investors are carefully weighing these localized dips to gauge optimal entry points for upcoming festive and wedding seasons amidst fluctuating global benchmarks.
MCX Futures Surge Amid International Market Dynamics
While physical markets in Delhi experienced a cooling trend, the futures segment on the Multi Commodity Exchange (MCX) told a different story with strong overnight recovery. Gold futures for October delivery climbed 0.86%—adding ₹1,319 to trade at ₹1,54,785 per 10 grams, after touching an intraday high of ₹1,54,853 and a low of ₹1,51,923. Similarly, September silver futures rose 0.54% or ₹1,270, reaching ₹236,717 per kilogram with a high of ₹237,822. Globally, international spot gold hovered marginally near $4,351.01 per ounce, while spot silver posted mild gains of 0.33% to reach $64.68 per ounce. Analysts like Saumil Gandhi of HDFC Securities point out that high-level profit booking has curbed immediate aggressive buying, while commodity experts like Praveen Singh of Mirae Asset Sharekhan highlight that renewed concerns over US economic policies and crude oil fluctuations near the Strait of Hormuz will heavily influence upcoming bullion trajectories.
