China’s economy slowdown impacts bullion prices
image for illustrative purpose
Gold prices on Thursday tumbled Rs1,120 to Rs67,832 per 10 grams in futures trade amid weak global cues. Silver futures by Rs2,944 or 3.47 per cent to Rs81,950 per kilogram on weaker global sentiments. On Multi Commodity Exchange (MCX), gold contracts for August delivery plummeted Rs1,120 or 1.62 per cent to Rs67,832 per 10 grams in a business turnover of 9,352 lots. Market analysts said gold prices showed very high volatility and on Wednesday, the yellow metal witnessed a rise of Rs363 in the futures market.
“On Thursday morning, we are seeing sharp declines in Gold...prices in the Asian markets amid intense risk-aversion, fuelled by mounting economic worries in China,” Rahul Kalantri, V-P (commodities) at Mehta Equities Ltd, said. Globally, gold was trading 1.77 per cent lower at $2,420.40 per ounce in New York.
