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Gold slipped from its all-time high, fell by Rs 1200 to Rs 88200 per 10 grams
Gold Silver Price: Gold prices fell below their all-time high in the national capital on Monday. The price of the precious metal fell by Rs 1,200 to Rs 88,200 per 10 grams due to fresh selling by stockists and retailers. Silver prices also remained under selling pressure and its price on Monday fell by Rs 1,800 to below the level of Rs one lakh to Rs 98,200 per kg. Let's know the condition of the bullion market.
On Monday, Gold prices fell below their all-time high in the national capital. The price of the precious metal fell by Rs 1,200 to Rs 88,200 per 10 grams due to fresh selling by stockists and retailers.
According to the All India Sarafa Association, the yellow metal of 99.9 percent purity rose by Rs 1,300 to an all-time high of Rs 89,400 per 10 grams on Friday. The price of gold of 99.5 percent purity came down from its record level and fell by Rs 1,200 to Rs 87,800 per 10 grams. In the previous trading session, it closed at Rs 89,000 per 10 grams.
Silver prices were under selling pressure and its price went down by Rs 1,800 on Monday to below Rs 1 lakh to Rs 98,200 per kg. Prices of precious metals were hit by poor demand by jewelers along with retailers in the domestic spot market at this price point, market sources said.
However, the April contract of gold on MCX futures went up by Rs 431 to Rs 85,118 per 10 grams. Silver on the Multi Commodity Exchange (MCX) of India also went up by Rs 234 to Rs 95,820 per kg. The global markets also experienced gold on Comex on April contract up by $11.25 per ounce to $2,911.95 per ounce.
Meanwhile, spot gold on Comex rose 0.49 percent to $2,896.68 per ounce. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, said, "Gold started trading on a positive note as US Treasury yields fell and the US dollar weakened. The dollar index remained near a two-month low after falling over 1 percent last week, dragged down by weaker-than-expected US economic data."
Comex silver futures rose 0.12 percent to $32.89 per ounce. On Friday, the white metal closed at a record high of $34.24 an ounce. According to Chintan Mehta, Chief Executive Officer of Abans Holdings, investors are closely monitoring the US macro data to be released on Tuesday to know the future direction of gold prices. Mehta said market participants are awaiting the details of the Federal Open Market Committee (FOMC) meeting to be held later this week for indications of the US Federal Reserve's monetary policy.
