Gold futures staged a sharp recovery on Monday after witnessing heavy selling pressure in early trade, while silver prices extended their losses for the third straight session.
On the Multi Commodity Exchange of India (MCX), gold futures for April delivery opened weak and tumbled Rs 10,688, or 7.2 per cent, to hit a low of Rs 1,37,065 per 10 grams, triggering the lower circuit during initial deals.
However, the yellow metal later rebounded strongly, wiping out earlier losses and rising Rs 259, or 0.18 per cent, to trade at Rs 1,48,012 per 10 grams, with a business turnover of 8,501 lots.
In contrast, silver continued to face selling pressure, extending its downward trend amid cautious sentiment in the precious metals segment.