MCX Gold Cheaper at Rs 120 and SILVER Declined By Rs 480

Indian Commodity Market

MCX SILVER September contract was trading at Rs 34463 down Rs 41, or 0.12 percent. The SILVER rate touched an intraday high of Rs 34463 and an intraday low of Rs 34400. So far 927 contracts have been traded.
MCX Gold was down Rs 68 to Rs 25,955 per 10 grams in futures trade on Friday amid a weak global trend. At Multi Commodity Exchange, delivery in October contract of gold fell by Rs 68, or 0.26 percent, to Rs 25,955 per 10 grams in a business turnover of 20 lots. Also, the precious metal for delivery in August fell by Rs 56, or 0.22 percent, to Rs 25,715 per 10 grams, clocking a business turnover of 529 lots.

A fall in global gold prices to eight-month lows this week failed to boost demand in top consumers China and India as would-be buyers anticipate further declines on the back of a strengthening US dollar.

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