Gold remains flat as silver rises

New Delhi: Gold prices traded flat at Rs72,350 per 10 grams while silver gained Rs200 per kg in the local market on Monday, according to HDFC Securities. Silver prices rose by Rs200 to Rs90,300 per kg from the previous close of Rs90,100 per kg. “In Delhi markets, spot gold prices (24 carats) are trading flat at Rs72,350 per 10 grams, unchanged from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at $2,327 per ounce, slightly up $1 from the previous close. Gold struggled to find direction on Monday and moved in a narrow range above the $2,320 level during the European trading session, Gandhi said. “...traders appear cautious about making aggressive directional bets given uncertainties about the US Federal Reserve’s interest rate-cutting plan, resulting in sluggish range-bound price activity,” he added.

“Momentum in bullion looks consolidative ahead of the US Fed chair Jerome Powell’s speech and the minutes of the Fed’s last meeting due on Wednesday and US Nonfarm Payroll data on Friday,” Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, said.