MCX Evening Update: Massive bounce in Bullion futures, silver tests around Rs 200000 per kg before recovery

Precious metals are witnessing a highly volatile movement today. The metals tanked in Asia, adding to recent losses and tested multi month low in world markets. However, US President Donald Trump ordered the military to postpone any strikes against Iranian power plants. This pushed down the US dollar sharply and also took a toll on crude oil prices. Yields on the US treasuries fell too. MCX Gold had bottomed out around Rs 130000 per 10 grams mark in afternoon. It turned sharply higher and is currently trading at Rs 141111 per 10 grams, down 2.34% on the day. MCX Silver futures are had tanked around Rs 200000 per kg, sliding more than 10% in the session today. The counter is now down 1.70% at Rs 222957 per kg.

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