Gold Falls Rs 1,200; Silver Declines Rs 1,800

New Delhi: Gold prices retreated from all-time level in the national capital on Monday, with the precious metal declining Rs1,200 to Rs88,200 per 10 grams due to emergence of fresh selling from stockists and retailers. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity had soared Rs1,300 to hit an all-time high of Rs89,400 per 10 grams on Fri-day.

Gold of 99.5 per cent purity pulled back from its record level and depreciated Rs1,200 to Rs87,800 per 10 grams. It closed at Rs89,000 per 10 grams in the previous trading close. Silver prices also faced selling pressure and slipped below the Rs1 lakh-mark by losing Rs1,800 to Rs98,200 per kg on Monday. Traders said fading demand from jewellers as well as retailers at domestic spot market at existing levels weighed on the precious metal prices.

Comex gold futures for April delivery appreciated $11.25 per ounce to $2,911.95 per ounce in the global markets. “COMEX gold rebounded, following a sharp decline in the previous session as US retail sales figures, coupled with hopes for a lower-than-expected PCE data, which have prompted money markets to price in around 40 basis points of Fed interest rate cuts in 2025,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said. Comex silver futures went up 0.12 per cent at $32.89 per ounce.