Gold Prices Plummet in India Amid Geopolitical Concerns
The prices of gold and silver have declined in the domestic futures market due to heightened geopolitical concerns and higher bond yields.
On the Multi Commodity Exchange (MCX), the October 5 delivery gold futures contract fell by Rs 1,331 to Rs 1,53,050 per 10 grams, down from its last close of Rs 1,54,381.
The MCX Silver, December 4 expiry, also declined by Rs 1,731 to Rs 2,39,867 per kilogram, down from the last close of Rs 2,41,603.
Aamir Makda, Commodity & Currency Analyst, Technical Research, Choice Broking, commented on the situation saying that gold price has resumed gapping down at 153,600 on Monday and is likely to continue its moderately bearish momentum as traders' focus remains on geopolitics, crude oil price momentum, and bond yields.
The gold rates for all purity levels declined in the domestic retail market. The 24-karat gold rate today is Rs 1,54,150 per 10 grams, while the 22-karat gold rate today is Rs 1,41,304 per 10 grams.