Precious metals woke up to a brutal sell-off on February 5, with silver futures contacts in domestic derivatives market plunging as much as 11 per cent in early trade. However, the safe-haven metals recovered partially later during the session as buyers bought into the dip.
Gold And Silver See Brutal Sell-Off In Early Trade, Recover Partially On Dip Buying – Here’s What Happened Today
Gold and silver prices plunged by as much as 11 per cent in early trade on the MCX before paring losses later in the session as buyers stepped in to capitalise on the dip
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On the Multi Commodity Exchange (MCX), the March silver futures plunged up to 11 per cent to hit an intraday low of Rs 2,39,000 per kg. From its lifetime high of Rs 4,20,048 per kg, the contract is trading lower by over 43 per cent.
April gold futures on MCX also tumbled as much as 3 per cent to Rs 1,48,455 per 10 grams. From its lifetime high of Rs 1,93,096 per 10 grams, the contract has declined over 23 per cent.
However, as of the time of writing, at 2:17 PM, the silver futures contract recovered some losses, trading at Rs 2,52,647 per kg, down 6.03 per cent from previous close. The gold futures contract, however, recovered was quickly bought into and traded in the green territory at Rs 1,53,410 per 10 grams, up by nearly 0.25 per cent from previous close.
This is a developing story...
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