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Gold prices extended their losses to slip further below ₹48,000 levels in the futures on Thursday.
Gold February contract on the Multi Commodity Exchange (MCX) opened at ₹47,782, down ₹57 per 10 grams against the previous close of ₹47,839.
MCX silver March Futures opened at ₹61,656 a kg on Thursday, down ₹182 from the previous close of ₹61,838.
Comex gold futures extended weakness on Thursday as global equities traded positive, prompting investors to turn to riskier assets.
Comex Gold slips below $ 1,800
Comex gold futures breached $1800 on Thursday. The yellow metal slipped by $16 from Tuesday's high levels of $1,821.6 an oz (a troy ounce is equal to 31.1 grams) to open at $1,805 on Thursday. But prices didn't sustain above $1,800, and it slipped to the last quote at $1,798.9 an oz for the CME gold February contract.
The most active comex Silver contract for March followed the gold movement and lost about $0.8 an oz at the opening on Thursday. Silver futures slipped below $23 levels to the last quote at $22.680 an oz for the CME Silver March contract.
MCX Gold futures down by ₹108
MCX gold February futures extended losses after opening in the red. The bullion futures last quoted at ₹47,731 per 10 grams, down ₹108 at 11.12 am Thursday.
The Open interest for the February contract was recorded at 8616 lots on Thursday.
MCX silver futures lost ₹329 after opening in red on Thursday. Silver was last quoted at ₹61,509 a kg at 11.13 am on Thursday. The open interest was recorded at 12,604 lots in the early trades on MCX.
Spot Gold loses ₹400 in a day
Gold prices closed below ₹48,000 in spot markets on Wednesday. The yellow metal was last quoted at ₹47,876 per 10 grams of 999 purity fine gold by India Bullion and Jewellers Association (IBJA). This was lower than earlier quoted ₹48,318 in spot markets on Tuesday.
Spot Silver, too settled lower on Wednesday at ₹61,588 a kg for 999 purity as against the earlier close of ₹62,225, as quoted by IBJA for PM rates on Tuesday.
Outlook
Analysts expect gold prices to stay weak amidst strengthening dollar and global equities markets. The investors' preference for riskier assets will keep gold and silver under pressure.
As per the analyst estimates, the gold futures may trade in the range of ₹ 47374-48244 on Thursday. Silver prices may hover in the range of ₹60699-63219.
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