Gold and silver prices declined on Thursday as investors booked profits after a sharp rally earlier this week. Futures on the Multi Commodity Exchange of India slipped, while bullion prices in Mumbai also fell, with 24-carat gold dropping by Rs 502 per 10 grams
Representational image. File pic
Gold and silver prices amid global turmoil eased on Thursday as investors booked profits after a sudden surge a couple of days earlier.
MCX gold April futures on Wednesday lost 0.52 per cent to Rs 1,62,452 per 10 grams around 11:15 am on an intraday basis. Meanwhile, MCX silver May futures declined 1.69 per cent to Rs 2,73,150 per kg, as per IANS.
Gold prices in Mumbai
While global turmoil seems to be intensifying every day, the prices of precious metals, for the second straight day in Mumbai, experience a decline. Falling by Rs 502 since Wednesday, 24-carat gold prices in Mumbai during the early hours of Thursday stood at Rs 1,61,560 for 10 grams. The 22-carat gold also declined by Rs 459 and was priced at Rs 1,47,988 for 10 grams.
Gold MCX
The profit booking followed the MCX gold April futures contract, rising almost 2 per cent, and the silver May futures surged 4 per cent in the previous session.
Moreover, the US dollar weakened 0.07 per cent on an intraday basis to 98.75 cent, making dollar‑priced bullion cheaper for holders of other currencies.
Stock market opens in red
Amid the global uncertainties, Indian stock markets continued to fall. Market indices on Thursday opened in the red as escalating tensions in West Asia and, again, a sharp rise in crude oil prices weighed on investor sentiment.
As reported by news agency ANI, the benchmark indices came under pressure after Iran's Navy Chief reportedly said that vessels seeking to sail through the Strait of Hormuz would require Iran's approval or could be targeted, raising concerns about disruptions in global oil supply.
Sectoral indices
Sectoral indices on the National Stock Exchange on Thursday also witnessed broad-based selling pressure during early trade. While the Nifty Auto, PSU Banks and Nifty Realty faced the sharpest decline, all three sectors fell by more than 2 per cent at the opening, reported ANI. Along with that, Nifty FMCG also declined 1.4 per cent, Nifty IT slipped 0.43 per cent, and Nifty Pharma fell 0.98 per cent.
(With inputs from IANS)
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