Gold futures rebound to Rs 1.48 lakh/10g after early slump; silver extends losses

On the Multi Commodity Exchange MCX, gold futures for April delivery opened on a weak note and plunged Rs 10,688, or 7.2 per cent, to hit a low of Rs 1,37,065 per 10 grams during early trade.

Gold prices recovered to Rs 1.48 lakh per 10 grams in futures trade on Monday after an early sharp fall that triggered the lower circuit level, while silver extended losses to witness heavy selling for the third consecutive day. On the Multi Commodity Exchange (MCX), gold futures for April delivery opened on a weak note and plunged Rs 10,688, or 7.2 per cent, to hit a low of Rs 1,37,065 per 10 grams during early trade. Later, the metal rebounded strongly, erasing all of its losses to trade higher by Rs 259, or 0.18 per cent, to Rs 1,48,012 per 10 grams in a business turnover of 8,501 lots. In addition, silver futures remained under pressure, opening lower and declining Rs 39,847, or 15 per cent, to hit an intraday low of Rs 2,25,805 per kilogram, also its lower circuit limit on the exchange. The white metal later pared some of its losses to trade at Rs 2,50,242 per kilogram, down 5.8 per cent, or Rs 15,410, in 6,892 lots. In the international market, Comex gold futures for April delivery went up by USD 5.21, or 0.11 per cent, to USD 4,750.31 per ounce while silver for March contract rose by USD 3.33, or 4.24 per cent, to USD 81.86 per ounce.

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