Gold, Silver Price Today: Monday was a soft day for the Indian bullion market. The prices of both gold and silver were seen softening. The price of gold decreased by Rs 1000 per ten grams, while the price of silver also fell by Rs 1600 per kg. International factors are being held responsible for the decline in the prices of precious metals.
Gold and silver prices decreased in Delhi bullion market
In Delhi’s bullion market on Monday, the price of gold fell by Rs 1,000 to Rs 79,400 per 10 grams, which had closed at Rs 80,400 on Friday during the last trading session. The price of silver fell by Rs 1,600 to Rs 91,700 per kg. On Friday, silver closed at Rs 93,300 per kg. Meanwhile, the price of gold of 99.5 percent purity also declined by Rs 1,000 to Rs 79,000 per 10 grams, which was Rs 80,000 per 10 grams on Friday.
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How was the situation in the foreign market?
Talking about international markets, the price of one ounce future gold in Comex was trading at US $ 2,696.40, weakening by $ 40.80 or 1.49 percent. Saumil Gandhi, senior commodities analyst at HDFC Securities, said gold started trading on a weak note and fell below $2,700 an ounce on Monday as traders booked profits after a nearly 8 per cent rise last week amid concerns over Russia- The Ukraine crisis was driven by demand for a safe-haven option amid rising tensions. The price of silver also fell by 1.7 percent to $ 31.24 an ounce.
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Investors will keep an eye on them
Jatin Trivedi, Vice President-Research Analyst (Commodity and Currency), LKP Securities, said that geo-political tension did not increase further during the weekend, due to which the rise in gold prices could not be sustained. A sharp rise in MCX and COMEX prices last week encouraged profit booking, leading to settlement of long positions. He said that this week traders will wait for the details of weekly unemployment claims and the Federal Open Market Committee (FOMC) meeting of the Federal Reserve, which will decide the future direction for gold.
