Gold Prices Sink on Weak Demand, Silver Follows Suit

Gold futures on the Multi Commodity Exchange (MCX) declined by Rs 2,045 to Rs 1,54,236 per 10 grams in Monday's trade. This drop of 1.31% is attributed to weaker demand in the spot market. The MCX contracts recorded a business turnover of 2,680 lots.

Globally, gold futures fell 0.51% to USD 4,432.51 per ounce in New York. Analysts say that the decline in both precious metals came despite them remaining at elevated levels in the global and domestic markets.

Silver prices also declined on the MCX, falling Rs 1,955 or 0.81% to Rs 2,40,489 per kilogram. This is attributed to a sell-off by market participants and reduced bets weighing on silver prices. In the international market, silver was trading 1.04% lower at USD 68.22 per ounce in New York.