Silver Futures Soar 3% To Rs 68,800, Gold Edges Lower To Rs 52,198
Gold, Silver Prices Today: Domestic silver futures registered wild swings on Thursday and gold futures trimmed most of the day's losses amid a volatile trend in global precious metals. Multi Commodity Exchange silver futures - due for a September 4 delivery - switched direction at least six times after a positive start, see-sawing within a range of more than Rs 3,000 between Rs 66,250 and Rs 69,281 during the session. MCX gold contract, due for an October 5 delivery, eked out gains only briefly during the day, trading between Rs 51,802 and Rs 52,365.
In the international market, spot gold firmed above the $1,900 per ounce mark as the dollar fell and bargain hunters bet on a resumption of bullion's broader upwards trend after its steep slide from a record peak. It was last seen trading 0.8 per cent higher at $1,932.46 per ounce, after slipping below $1,900 in choppy trade the previous session.
Silver rose 3.9 per cent to $26.56 per ounce.
The dollar index - which gauges the US currency against six peers - was last seen trading 0.35 per cent lower, having declined as much as 0.46 per cent earlier. The US currency has in many instances been the preferred refuge during the flare-ups between Washington and Beijing.
Back home, the price of gold jewellery stood at Rs 52,701 per 10 grams, excluding GST, and that of silver at Rs 67,439 per kilogram, according to Mumbai-based industry body IBJA.
Both precious metals had recently scaled their all-time peaks amid increasing COVID-19 cases across the world and fears about the pandemic's impact on world economy. On Wednesday, data showed the UK recorded the biggest contraction of any major economy so far in the second quarter.
