Gold futures on the Multi Commodity Exchange dropped by ₹646 to trade at ₹1,43,492 per 10 grams on Wednesday. The decline was driven by a reduction in spot demand, mirroring a downward trend in international markets.
Gold prices saw a downward movement in futures trade on Wednesday, declining by ₹646 to reach ₹1,43,492 per 10 grams. Market participants pointed to a noticeable fall in spot demand as the primary factor influencing the price correction.
On the Multi Commodity Exchange (MCX), gold contracts scheduled for December delivery registered a decrease of ₹646, translating to a 0.45 percent drop. The total business turnover for the session stood at 699 lots.
Market analysts monitoring the precious metals segment attributed the downward movement directly to weaker physical market offtake and lower spot demand during the trading session.
The domestic price correction was also aligned with broader international trends. In New York, global gold futures declined by 0.72 percent, trading at $4,030.95 per ounce.
"Commodity price fluctuations, such as the recent dip in gold futures driven by weaker spot demand and global trends, highlight the direct impact of market sentiment on physical assets. For businesses and investors dealing in commodities, monitoring localized demand alongside international benchmarks remains critical for managing exposure and timing purchases effectively in a volatile economic environment." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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