Gold and silver prices declined in the domestic futures market on September 4 as investors turned to profit booking after the recent rally in bullion prices. On the Multi Commodity Exchange (MCX), the October 5 gold futures contract dropped by more than Rs 1,000 to touch an early low of Rs 1,54,750 per 10 grams. It had ended the previous session at Rs 1,55,775 per 10 grams.
Silver futures also witnessed selling pressure, with the December 4 contract falling by over Rs 1,000 to hit a low of Rs 2,40,420 per kilogram. The previous closing price for the contract stood at Rs 2,42,349 per kilogram on the MCX.
At the latest available level, MCX Silver was trading at Rs 2,40,709 per kilogram, down Rs 1,640 or 0.68 per cent. MCX Gold was quoted at Rs 1,55,004 per 10 grams, lower by Rs 771 or 0.49 per cent.
Gold prices also softened across purity levels in the domestic retail market. According to bullion.co.in, the 24-karat gold rate in India on September 4 stood at Rs 1,55,640 per 10 grams, while 22-karat gold was priced at Rs 1,42,670 per 10 grams.
