Gold prices on the Multi Commodity Exchange of India (MCX) opened sharply lower on Tuesday, tracking losses in global markets, as optimism around progress in US-China trade negotiations reduced demand for safe-haven assets. Silver prices also declined over 1% in early trade.
MCX gold futures began 0.7% lower at ₹1,20,106 per 10 grams, compared to the previous close of ₹1,20,957, while silver futures opened 0.69% down at ₹1,42,366 per kg against the previous close of ₹1,43,367.
By 1:50 PM, gold prices had extended losses, trading 1.97% lower at ₹1,18,570 per 10 grams — down ₹2,387 — while silver was down ₹2,488, or 1.74%, at ₹1,40,879 per kg.
Trading on MCX started more than four hours late after a major technical glitch disrupted operations early in the day.
In international markets, gold prices slipped to near a three-week low as traders turned away from safe-haven assets amid improving trade sentiment. Spot gold fell 1% to $3,941.65 per ounce, its lowest level since October 10, while US gold futures for December delivery dropped 1.5% to $3,957.50 per ounce.
The decline comes ahead of the US Federal Reserve’s policy meeting later this week, where investors widely expect a 25-basis-point rate cut following soft inflation data last week.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should consult a certified financial advisor before making any investment decisions.
