Gold price falls by Rs 120, silver weakens by Rs 400
Gold Silver Price: Amid a fall in the prices of precious metals, gold fell by Rs 120 to Rs 72,480 per 10 grams in the bullion market of the national capital on Monday. The price of silver also fell by Rs 400 to Rs 91,900 per kg as compared to the previous closing price.
On Monday, gold fell by Rs 120 to Rs 72,480 per 10 grams in the national capital's bullion market, amid a drop in precious metal prices in international markets. The previous trading session ended with gold closing at Rs 72,600 per 10 grams. In addition, the price of silver fell by Rs 400 to Rs 91,900 per kg from its previous closing price. It closed at Rs 92,300 per kg during the previous trading session.
HDFC Securities research analyst Saumil Gandhi said, "Spot gold (24 carats) prices in Delhi markets remained at Rs 72,480 per 10 grams. This is Rs 120 weaker than the previous closing price."
In the international market, gold was trading lower at $ 2,318 an ounce, while silver was down at $ 29.47 an ounce.
Gandhi said gold prices fell on Monday after US manufacturing and service PMI data released on Friday came out stronger than expected, forcing traders to reconsider the timing of interest rate cuts by the US Federal Reserve.
