NEW DELHI: Gold prices declined Rs 120 to Rs 72,480 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 Rs 72,600 per 10 grams.
Also, silver prices slumped Rs 400 to Rs 91,900 per kg. In the previous session, it had closed at Rs 92,300 per kg.
“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,480 per 10 grams, down by Rs 120 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the international markets, both gold and silver were trading lower at USD 2,318 per ounce and USD 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.
According to Pranav Mer, VP – Research (Commodity & Currency) at BlinkX and JM Financial, traders will focus on the upcoming macro data from the US, including GDP/ consumer confidence and the Personal Consumption Expenditure’s (PCE) inflation towards the end of the week, which may give some clues on the timing of rate cuts by the US Fed.
