Gold Prices Tumble as Subdued Demand Weighs on Market
Gold and silver prices declined on Friday due to subdued spot demand in the domestic market and weakness in international bullion prices. The drop was also influenced by softer demand in the physical market, which pressured futures trading. Market analysts attributed the decline to a combination of factors.
The price of gold futures for October delivery on the Multi Commodity Exchange (MCX) fell by Rs 818, or 0.56 percent, to Rs 1,44,022 per 10 grams. The contract witnessed a business turnover of 683 lots during the session.
Silver prices also traded lower on Friday, tracking the weakness in the broader precious metals segment. In the international market, gold futures slipped 0.69 percent to $4,075 per ounce in New York, reflecting cautious investor sentiment.