Gold and silver are on a correction course, as prices have fallen sharply in the past two days.
Internationally, gold on the Chicago Mercantile Exchange is down $200 an ounce or a little over 10 per cent. In India, too, the price has fallen from Rs 28,094 per 10g on Monday to Rs 25,670 per 10g at Zaveri Bazar here, while silver has lost Rs 3,785 per kg to close at Rs 60,545 per kg.
It has resulted in a huge fall in open positions on the MCX, the leading bourse for commodity futures. Brokers have squared off some open positions to recover for margins and traders were also rushing to make good on whatever profit was left.
