Gold and Silver Prices Plummet on MCX Amid Weak Domestic Demand

Gold prices dropped significantly on Friday as weak domestic demand and profit booking weighed heavily. On the Multi Commodity Exchange (MCX), gold contracts for October delivery fell by Rs 818, or 0.56 per cent, to Rs 1,44,022 per 10 grams in a business turnover of 683 lots.

The decline in gold prices was attributed to weaker spot demand. Analysts noted that investors remained cautious and reduced fresh positions amid subdued demand and broader market uncertainty.

Silver futures for September delivery also slipped by Rs 817, or 0.37 per cent, to Rs 2,19,150 per kilogram, with a turnover of 456 lots. Market experts said selling pressure and profit booking by participants dragged silver prices lower.