Gold and silver prices declined on February 12 following a record rally in the previous session, amid profit booking in the international market and movements in the US dollar.
After sharp volatility in recent days, precious metals witnessed another reversal. On February 11, gold and silver recorded a b surge, while on February 12 both metals retreated across international and domestic commodity exchanges.
On COMEX, gold had crossed $5,100 per ounce in the previous session, while silver moved above $85 per ounce. Following the rally, profit booking at elevated levels weighed on prices.
In early trade on February 12, gold on COMEX declined to $5,081.50 per ounce, while silver fell to $82.515 per ounce. A day earlier, gold had reached $5,122.40 per ounce and silver touched $85.715 per ounce.
In the domestic market, a similar trend was visible on the Multi Commodity Exchange of India (MCX). In the previous session, gold futures for April delivery closed at Rs 1,58,650 per 10 grams, while silver futures for March delivery settled at Rs 2,62,701 per kilogram. Intraday levels during the session were higher than the closing prices.
During the February 11 trading session, gold rose by Rs 3,202 in a single day to reach Rs 1,59,741 per 10 grams. Silver increased by approximately Rs 15,400 in one session, climbing to Rs 2,67,700 per kilogram.
Market fluctuations have been influenced by international uncertainty, movements in the US dollar, signals related to interest rates, geopolitical tensions and global economic conditions. Profit booking by large investors following the rally also contributed to the decline in prices.
