MMTC shares decline 5% as gold, silver prices cool off from record levels
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Shares of MMTC Ltd declined sharply on Tuesday, falling 4.88% to hit a day’s low of Rs 67.21 on the BSE, as gold and silver prices retreated from their recent peaks in both domestic and global markets. The dip in bullion prices weighed on market sentiment for bullion-linked companies, including MMTC, which has a significant presence in the trading of precious metals. MMTC Limited is a government-owned enterprise that operates in the bullion segment through its joint venture MMTC-PAMP India, which is involved in the refining and retailing of gold and silver bars and coins. The company's performance is often seen moving in tandem with the broader trends in gold and silver prices, as higher prices can drive investor interest and increase trading volumes. The fall in MMTC shares comes after both gold and silver saw a sharp pullback following a recent rally to record highs. The cooling off in prices is being attributed to profit-taking act...