Crude oil sheds over 7% on global cues, bullion take a beating too
Gold and silver futures declined by over 3 per cent each on profit-taking, with crude oil falling by over 7 per cent on the Multi Commodity Exchange of India (MCX) on Friday.
The decline in crude oil was sharper because the MCX crude contract is based on West Texas Intermediate (WTI) prices, which fell sharply compared to the Brent. While WTI is the benchmark for the US, Brent Crude is the Opec members’ domain.
WTI oil was quoting at a 21-year low, at around $18 per barrel. Brent is still at $28, but the decline was sharper.
Gold futures for delivery in June declined by 3.09 per cent to Rs 45,796/10g on the MCX. Following suit, silver futures for delivery in May plunged by 3.3 per cent to Rs 42,794/kg.
