Gold falls Rs 200 on global cues

New Delhi: Gold price declined Rs 200 to Rs 62,450 per 10 grams in the national capital on Monday amid a fall in precious metal prices internationally, according to HDFC Securities. The yellow metal had closed at Rs 62,650 per 10 grams in the previous trade. “Gold declined on Monday, down by Rs 200 following a bearish trade in the overseas market,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

However, silver remained flat at Rs 75,200 per kilogram. The comex gold price slipped on Monday on the back of an uptick in the US dollar, Gandhi said. In the global markets, both gold and silver were down at $1,995 per ounce and $23.06 per ounce, respectively. “Investors will closely watch the Fed’s assessment of the US economy and any hints about future monetary policy decisions, as they can influence interest rates and the value of the dollar, which in turn affects gold prices,” Praveen Singh, Associate vice-president of Fundamental currencies and commodities at Sharekhan by BNP Paribas, said.