Gold and Silver Prices Tumble in Indian Futures Market
Gold and silver prices in India's domestic futures market experienced downward pressure on August 18 due to investors' cautious stance. The Multi Commodity Exchange (MCX) reported gold futures trading at around ₹1.55 lakh for 10 grams, a decline of approximately 0.38%. Silver futures also slid by nearly 0.88% to ₹2.35 lakh per kg.
The prices were influenced by various factors, including US Treasury yields and oil prices, as well as expectations surrounding the Federal Reserve's next policy moves. Market participants will continue to monitor these developments for potential impacts on gold and silver prices.
City-wise rates in major cities such as Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai also showed a similar trend, with 24K gold trading at around ₹1.55 lakh per 10 grams and 22K gold at approximately ₹1.42 lakh per 10 grams.