Gold, Silver Futures Down 3% On MCX After Trade Resumes Post Technical Glitch

The Multicommodity Exchange saw a 3% dip in gold and silver futures on Tuesday. The precious metal continued its extended downturn in prices after its extended rally which broke records.

Gold prices had reached the record high of $4,002.53 in spot gold trading on Oct. 8. December gold futures on the US Commodity Exchange had gone up 0.5% to $4,025 per ounce. MCX Gold December futures hit a record high of Rs 1,22,101 per 10 grams on Oct. 28.

Gold December futures on Tuesday are now trading at Rs 1,17,778 per 10 grams, showing a 3.54% drop since the record high.

The exchange resumed trading after it faced a technical glitch which led to trading starting much later than 9:30 a.m. It resumed trading at 1:25 p.m.

Major tech issues have been persistent for the past two to three days, sources told NDTV Profit. The trading orders are not getting confirmed and the settlement files are not coming on time, they said.

Gold contracts were down close to 11% in a week after reaching the lifetime high of Rs 1,32,294 per 10 grams.

Gold futures for February saw a downturn to Rs 1,19,059 per 10 grams, while April saw a dip to Rs 1,20,500 per 10 grams respectively.

These contracts fell 11% in a week after seeing new lifetime highs. Domestic prices of gold also saw a downturn as 10 grams of 24 carat gold were priced at Rs 1,22,460 on average, according to data sourced from Good Returns.

Silver futures saw a downturn of 4% each, with the December contracts reducing to Rs 1,39,899 per kilogram.