Gold, Silver Prices Drop as Investors Book Profits After Three-Month High

Gold and silver futures on the Multi Commodity Exchange (MCX) fell on Tuesday as investors booked profits at higher levels. The unexpected announcement by the US Treasury to increase buybacks of long-term government bonds had driven gold prices to a three-month high.

On MCX, gold futures opened lower, with the benchmark October contract trading near ₹1,63,150 per 10 gram, down ₹214 from the previous close. At the time of writing, it was trading at ₹1,63,172, down ₹57. The contract touched a high of ₹1,63,450 and a low of ₹1,62,015.

Silver futures also opened lower, with the benchmark September contract on MCX trading near ₹2,42,600 per kg, down ₹1,921 from the previous close. At the time of writing, it was trading at ₹2,42,601, down ₹1,619. The contract touched a high of ₹2,43,445 and a low of ₹2,42,299.

In the international market, gold and silver futures were also trading lower. On Comex, gold opened at $4,710.10 per ounce, while silver opened at $68.96 per ounce.