Gold fell by Rs 200 to Rs 91250 per 10 grams, silver rose

Gold in the national capital dipped by Rs 200 to Rs 91,250 per ten grams in the local market in the face of sluggish demand. This was reported by the All India Sarafa Association. On Monday, the 99.9 percent pure gold had closed business at Rs 91,450 per 10 grams.

The gold of 99.5 percent purity dropped by Rs 200 to Rs 90,800 per 10 grams. Gold had closed in the previous day's trade at Rs 91,000 per 10 grams.

Yet, the price of silver recovered after declining in the previous five sessions and increased by Rs 200 to Rs 92,700 per kg. In the previous session, silver had closed at Rs 92,500 per kg. Spot gold increased 0.82 percent to $3,007.60 per ounce in global markets.

Jatin Trivedi, Vice President Research Analyst - Commodity & Currency, LKP Securities, said, "Weakness in the rupee boosted the uptrend, which led to positive trade in gold prices. Global sentiment remained cautious and the dollar index remained stable around the 102 mark, which did not have any significant impact on bullion prices."

However, the main driver remained tariff tensions, as China's aggressive stance against US trade measures revived safe-haven demand, Trivedi said.

According to Saumil Gandhi, Senior Commodity Analyst at HDFC Securities, market participants are awaiting this week's macroeconomic data, including the outcome of the US Federal Reserve's latest policy meeting on Wednesday. Spot silver rose 0.69 percent to $ 30.29 per ounce in Asian trading hours.