The white metal later cut some of its losses and traded at Rs 2,50,242 per kilogram. This was down 5.8 per cent, or Rs 15,410, with a turnover of 6,892 lots. Gold prices recovered to Rs 1.48 lakh per 10 grams in futures trade on Monday after a sharp early fall that hit the lower circuit level. Meanwhile, silver extended its losses and saw heavy selling for the third straight day.
On the Multi Commodity Exchange (MCX), gold futures for April delivery opened weak. Prices plunged by Rs 10,688, or 7.2 per cent, to touch an early low of Rs 1,37,065 per 10 grams. Later in the session, gold rebounded strongly and recovered all its losses. It traded higher by Rs 259, or 0.18 per cent, at Rs 1,48,012 per 10 grams, with a business volume of 8,501 lots.
Silver futures also stayed under pressure. They opened lower and fell by Rs 39,847, or 15 per cent, to hit an intraday low of Rs 2,25,805 per kilogram. This level also marked the lower circuit limit on the exchange. Later, silver recovered part of the losses and traded at Rs 2,50,242 per kilogram. It was still down 5.8 per cent, or Rs 15,410, with trading volume of 6,892 lots.
In the international market, Comex gold futures for April delivery rose by USD 5.21, or 0.11 per cent, to USD 4,750.31 per ounce. Silver futures for the March contract climbed by USD 3.33, or 4.24 per cent, to USD 81.86 per ounce.
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