Rising Greenback Weighs On Precious Metals

New Delhi: Gold prices fell Rs200 to Rs79,200 per 10 grams in the national capital on Monday amid weak trends in the international markets, according to the All India Sarafa Association (AISA). The yellow metal of 99.9 per cent purity closed at Rs79,400 per 10 grams on Friday. Silver also plummeted Rs2,200 to Rs90,000 per kg due to reduced offtake by industrial units and coin makers. It had closed at Rs92,200 per kg in the previous trading session. Price of gold of 99.5 per cent purity slipped Rs200 to Rs78,800 per 10 grams. The precious metal ended at Rs79,000 per 10 grams on Friday. Meanwhile, in futures trade on the MCX, gold contracts for December delivery fell Rs478, or 0.63 per cent, to trade at Rs75,896 per 10 grams.

Silver contracts for December delivery slumped Rs574, or 0.65 per cent, to Rs88,307 per kg. During the day, the white metal declined Rs 1,081, or 1.22 per cent, to hit an intra-day low of Rs 87,800 per kg on the Multi Commodity Exchange (MCX). Globally, Comex gold futures fell USD 23.50 per ounce, or 0.88 per cent, to $2,657.50 per ounce. “Gold continued its downward trajectory, after hitting an intra-day low of $2,621 during the Asian session. The decline was driven by a recovery seen in US dollar, fuelled by rising US Treasury bond yields and inflationary concerns tied to President-elect Donald Trump’s proposed tariffs,” said Maneesh Sharma, AVP (Commodities & Currencies), Anand Rathi Shares and Stock Brokers.