Gold and Silver Prices Plummet on MCX Exchange
The prices of gold and silver on MCX exchange declined on September 2 due to softer global bullion moves. As a result, domestic prices also fell. On the MCX exchange, gold futures slipped by 1.12% to trade near ₹1,50,027 per 10 grams. Silver futures also fell by 1.24% to around ₹2,26,694 per kg.
On September 2, retail rates were lower than futures prices. Gold was quoted at ₹1,54,800 per 10 grams, while retail silver was priced at ₹2,49,900 per kg. The MCX gold contract and MCX silver fell by 1.12% and 1.24%, respectively.
Bas Kooijman, CEO of DHF Capital S.A., pointed out that a rebound in oil prices due to renewed U.S.-Iran tensions added to inflation concerns, which could limit any rebound potential for gold. Silver also experienced price fluctuations, dropping by ₹5,000 from the previous day's rate.
City-wise rates showed similar trends across major cities such as Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai. However, it is worth noting that these rates can vary depending on market conditions and demand.