Silver slips below ₹2 lakh amid selling pressure; gold also declines

Silver slips below ₹2 lakh amid selling pressure; gold also declines

Gold and silver were trading weak in early trade after recording sharp losses in the previous session Gold and silver remained under pressure on Friday, October 23, amid a sell-off in global equity markets and crude oil prices rising above $100 a barrel. Higher crude oil prices have intensified inflation concerns and strengthened expectations that interest rates could remain elevated for longer. Gold and silver were trading weak in early trade after recording sharp losses in the previous session. Silver futures in the domestic market slipped below ₹2 lakh per kg. In the global market, gold futures on Comex were trading near $4,030 per ounce, while silver was trading near $54 per ounce. In the domestic market, gold futures on the Multi Commodity Exchange (MCX) were trading near ₹1,42,300 per 10 gram at the time of writing, while silver futures were trading near ₹1,96,000 per kg.Gold prices fallGold futures opened lower. On the MCX, the benchmark December gold contract opened ₹1,251 lower at ₹1,42,058 per 10 gram. The previous close was ₹1,43,309. At the time of writing, the contract was trading ₹1,002 lower at ₹1,42,307. Gold futures had touched a high of ₹1,80,779 per 10 gram earlier this year.Silver slips below ₹2 lakhSilver futures also opened lower. On the MCX, the benchmark December silver contract opened ₹3,012 lower at ₹1,96,587 per kg. The previous close was ₹1,99,599. A.