Bullion prices fall on global cues

New Delhi: Gold prices eased by Rs50 to Rs61,770 per 10 grams in the national capital on Monday in line with weak global cues, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs61,820 per 10 grams. Silver also declined by Rs300 to Rs76,000 per kg. “Gold prices retreated as traders booked profit, after price advanced more than two per cent last week, supported by soft US economic data which fuelled optimism that the Fed’s aggressive monetary policy campaign will come to an end,” said Saumil Gandhi, senior analyst (commodities), HDFC Securities. In the overseas markets, both gold and silver were down at $1,978 per ounce and $23.55 per ounce, respectively. Traders will monitor the Federal Open Market Committee (FOMC) meeting minutes, which will be released on Tuesday, for further direction on precious metals, Gandhi said.