Gold prices saw a downward movement on Monday, with futures declining by ₹2,045 to reach ₹1,54,236 per 10 grams. Market participants pointed to a fall in spot demand as the primary factor influencing the correction in the precious metal's pricing.
On the Multi Commodity Exchange (MCX), yellow metal contracts designated for October delivery traded lower by ₹2,045, representing a 1.31 per cent decrease. The trading session recorded a total business turnover of 2,680 lots for the contract.
Market analysts monitoring the commodities segment attributed the drop directly to weaker demand in the spot market, which weighed on futures contracts during the session.
The trend was also reflected in international markets. Globally, gold futures declined by 0.51 per cent, trading at $4,432.51 per ounce in New York.
"Commodity market fluctuations, such as the recent dip in gold futures, are closely tied to shifts in domestic spot demand and global market cues. For businesses and investors dealing in precious metals, monitoring these short-term volatility indicators on exchanges like the MCX is essential for effective capital allocation and risk management." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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