Gold Declines Rs 450, Silver Plunges Rs 600

New Delhi: Gold prices declined by Rs 450 to Rs 79,550 per 10 grams in the national capital on Monday amid weak trends in the international markets, according to the All India Sarafa Association. On Friday, the yellow metal had settled at Rs 80,000 per 10 grams. Silver also plunged Rs 600 to Rs 94,000 per kg on Monday against the previous close of Rs 94,600 per kg. Price of gold of 99.5 per cent purity fell Rs 450 to Rs 79,150 per 10 grams. The precious metal had closed at Rs 79,600 per 10 grams on Friday. Globally, Comex gold futures slipped $17.80 per ounce or 0.66 per cent to $2,677 per ounce. However, Comex silver futures increased 0.23 per cent to $31.52 per ounce in the Asian market hours. Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery slumped Rs 460 or 0.6 per cent to trade at Rs 76,812 per 10 grams. Silver contracts for December delivery rose Rs 63 or 0.07 per cent to Rs 91,332 per kg on the exchange.

“Gold prices are trading lower, with Comex down, slipping from Friday’s close of $2,685 as the strengthening dollar index exerts pressure on the yellow metal. “The rise in US bond prices following Trump’s election victory is contributing to the corrective trend in bullion,” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.

“Last week, Comex gold prices fell to a one-month low of $2,650.30 per ounce, as investor sentiment shifted toward risk assets following Trump’s election victory and the Republican Party’s successful bid to regain control of the US Senate,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said. Gold briefly rebounded above $2,700 after the Fed’s widely anticipated 25-basis point rate cut.