Tuesday, December 12, 2023

Gold falls Rs 50; silver remains flat

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Gold prices declined Rs 50 to Rs 61,750 per 10 grams in the national capital on Monday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 61,800 per 10 grams. “Gold prices declined on Monday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 61,750/10 grams, down by Rs 50 against the previous close,” Saumil Gandhi, senior analyst at HDFC Securities, said.

Silver remained flat at Rs 75,200 per kg. In the international markets, both gold and silver were trading lower at USD 1,985 per ounce and USD 23.15 per ounce, respectively.

“Gold resumed trading on a weaker note as the partial unwinding of the risk premium outweighed weak US employment data and a drop in Treasury yields and the US dollar,” Gandhi said.

Additionally, the existing risk-on atmosphere and strong follow-through surge in equity markets are viewed as major factors impacting the safe-haven precious metal, he added.

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