Gold and silver prices decline
image for illustrative purpose
New Delhi: Gold prices declined Rs120 to Rs72,480 per 10 grams in the national capital on Monday amid a fall in precious metal rates globally, according to HDFC Securities.
In the previous session, the yellow metal had settled at Rs72,600 per 10 grams. Also, silver prices slumped Rs400 to Rs91,900 per kg. In the previous session, it had closed at Rs92,300 per kg. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,480 per 10 grams, down by Rs120 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the international markets, both gold and silver were trading lower at $2,318 per ounce and $29.47 per ounce, respectively. Gold prices declined on Monday following stronger-than-expected US manufacturing and services PMI data which was released on Friday, forcing the traders to reconsider the timing of the US Federal Reserve’s interest rate cuts path, Gandhi said. “Meanwhile, continuing ETF outflows also weighed down on gold prices,” he added.
