Gold futures for delivery in June experienced a decline of Rs 3,043 or 2.06%, reaching an intraday low of Rs 1,44,212 per 10 grams on the Multi-Commodity Exchange on Monday, March 30, in contrast to the previous session’s close of Rs 1,47,255 per 10 grams. At approximately 11:00 AM, the contract was trading at Rs 1,47,050 per 10 grams, reflecting a decrease of Rs 205 or 0.14%, influenced by a downturn in global gold prices as the crisis in West Asia extended into its fifth week. However, the silver contract for expiry in May advanced as much as Rs 1,634 or 0.72% to the day’s high of Rs 2,29,588 per kilogram, from the closing price of Rs 2,27,954 per kilogram on the MCX. At the time of writing, it was priced at Rs 2,29,000 per kilogram, reflecting an increase of Rs 1,046 or 0.46%.
However, the silver contract for expiry in May advanced as much as Rs 1,634 or 0.72% to the day’s high of Rs 2,29,588 per kilogram, from the closing price of Rs 2,27,954 per kilogram. At the time of writing, it was priced at Rs 2,29,000 per kilogram, reflecting an increase of Rs 1,046 or 0.46%. In the global markets, gold contracts on COMEX (expiry in April) saw a drop of up to 1.76%, hitting an intraday low of $4,413.40 per troy ounce, in contrast to the previous trading session’s closing price of $4,492.50. However, it recovered and was trading 0.25% higher at Rs 4,503.60 per troy ounce at the time of writing.
COMEX silver futures for May delivery rose by 1.16%, hitting a session high of $70.575 per ounce, compared to the previous close of $69.796 on Friday. As of now, it stands at 70.465 per ounce, showing a rise of 0.96%. The prices of the yellow metal have dropped due to the ongoing developments in the West Asian conflict, which has now entered its fifth week. Crude oil prices stayed high, with Brent crude lingering over $113 per barrel, raising worries about inflation. Market participants are ready to keep an eye on speeches from US Federal Reserve Chair Jerome Powell and other Fed officials, scheduled for later today.
On the macroeconomic front, focus will be on manufacturing PMI data from major economies, CPI readings from Germany and the Eurozone, along with US consumer confidence, nonfarm payrolls, and employment data scheduled for release later in the week. In the early trading session on Monday, the currency appreciated by 128 paise from its historical low, reaching 93.57 against the US dollar. This recovery comes after the Reserve Bank of India’s choice to lower the net open position limit for banks to $100 million, with adherence required by April 10.