Gold and Silver Prices Decline on Global Market Volatility
Gold and silver prices have declined globally and domestically on September 10th. On COMEX, gold fell to $4,457 per ounce, while silver dropped to $68.095 per ounce. MCX futures for gold and silver also saw significant drops.
The precious metals faced downward pressure in international trading due to rising oil prices. 'COMEX Gold is trading near $4,450, down 0.20%, holding below its 20-EMA,' said Ponmudi R, CEO of Enrich Money. Immediate resistance for gold is at $4,500-$4,530.
Domestic futures on the Multi Commodity Exchange (MCX) also dropped in line with global trends. Gold declined by Rs 113 to trade at Rs 1,53,690 per 10 grams, while silver slipped by Rs 1,150 around 9:00 AM to reach Rs 2,43,108 per kilogram.
The gold rate for all purity levels fell in the domestic retail market as well. In Delhi, the 24-karat gold rate today is Rs 1,53,760 per 10 grams, while the 22-karat gold rate today is Rs 1,40,947 per 10 grams.