Gold price inches down; silver remains flat
image for illustrative purpose
New Delhi: Gold prices declined Rs50 to Rs61,750 per 10 grams in the national capital on Monday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs61,800 per 10 grams. “Gold prices declined on Monday, with spot gold prices (24 carats) in the Delhi markets trading at Rs61,750/10 grams, down by Rs50 against the previous close,” said Saumil Gandhi, senior analyst at HDFC Securities.
Silver remained flat at Rs75,200 per kg. In the international markets, both gold and silver were trading lower at $1,985 per ounce and $23.15 per ounce, respectively. “Gold resumed trading on a weaker note as the partial unwinding of the risk premium outweighed weak US employment data and a drop in Treasury yields and the US dollar,” Gandhi said.
Additionally, the existing risk-on atmosphere and strong follow-through surge in equity markets are viewed as major factors impacting the safe-haven precious metal, he added.
