Gold Slumps, Silver Gains in Futures Trade

On the Multi Commodity Exchange (MCX), gold contracts for August delivery declined by Rs 1,853, or 1.26 per cent, to Rs 1,44,676 per 10 grams. The contract recorded a business turnover of 1,585 lots.

Market analysts attributed the decline in gold prices to weak spot demand and negative global signals. In the international market, gold futures fell 0.64 per cent to USD 4,090.94 per ounce in New York, further weighing on domestic sentiment.

In contrast, silver prices rose 0.23 per cent in futures trade. The July delivery contract gained Rs 527 to trade at Rs 2,26,361 per kilogram on the MCX, with a turnover of 4,081 lots.

Analysts said fresh buying and the creation of new positions by market participants supported the rise in silver prices.

Globally, Comex silver futures advanced 0.74 per cent to USD 62.03 per ounce, lending support to the white metal in the domestic market.

The contrasting movement in gold and silver prices highlights the differing market dynamics influencing the two precious metals, with gold pressured by weak demand and silver benefiting from stronger investor interest and positive global trends.