Gold and silver prices witnessed sharp fluctuations in the Indian commodity market on Monday, with both precious metals trading between pressure and recovery on the Multi Commodity Exchange. Volatility in global markets and changes in import duties continued to influence domestic bullion prices during the past week.
On May 18, gold and silver prices on the Multi Commodity Exchange reflected heightened market volatility, contributing to uncertainty among investors.
Gold prices on the MCX traded with marginal gains during Monday morning trade. The June 5 delivery gold contract was trading at Rs 1,58,561 per 10 grams at around 10:24 am, up 0.01 percent or Rs 14. The contract had opened at Rs 1,58,076 per 10 grams compared with the previous session’s close of Rs 1,58,547 per 10 grams.
During the intraday session, gold prices fluctuated between a low of Rs 1,57,547 per 10 grams and a high of Rs 1,58,850 per 10 grams.
Silver prices witnessed higher volatility compared with gold. The July 3 delivery silver contract was trading lower by around 0.40 percent or Rs 1,086 at Rs 2,70,800 per kilogram on Monday. The contract had opened at Rs 2,67,400 per kilogram against the previous close of Rs 2,71,886 per kilogram.
During trade, silver prices moved between an intraday high of Rs 2,74,145 per kilogram and a low of Rs 2,64,949 per kilogram.
In the domestic bullion market at the end of last week, precious metals also remained under pressure. In the Delhi bullion market, gold of 99.9 percent purity declined by around 1.93 percent or Rs 3,200 to close at Rs 1,62,000 per 10 grams. Silver registered a sharper decline of around 7.3 percent or Rs 21,600 to settle at Rs 2,75,000 per kilogram.
