It was tough for precious metals on the bourses on Friday as both gold and silver futures tumbled in line with the international market, media reports said.
On Multi Commodity Exchange of India (MCX), Gold Futures for February delivery slipped by Rs 2086 or 4.10% as compared to previous day’s closing price. Silver futures were down by Rs 6,100 or 8.8% on Friday to close at Rs 63,850 per kg on the day on MCX.
The drop in gold futures on MCX India was inline with a slump in international gold prices, down nearly 4% at $1,833.83 per ounce with a spike in US Treasury yields and a strong dollar which dampened the appeal of the safe-haven metal.
A stronger dollar puts pressure on bullion and makes it more expensive to hold for other currencies.