Gold prices fell in the national capital on Monday, dropping by Rs 1,200 to Rs 88,200 per 10 grams due to fresh selling by stockists and retailers. This came after gold had reached a record high of Rs 89,400 per 10 grams on Friday, marking a rise of Rs 1,300, according to the All India Sarafa Association.
Gold with 99.5% purity also pulled back, losing Rs 1,200 to Rs 87,800 per 10 grams. It had closed at Rs 89,000 per 10 grams in the previous session.
Silver also faced pressure, falling by Rs 1,800 to Rs 98,200 per kg, slipping below the Rs 1 lakh mark. Traders pointed to weaker demand from jewellers and retailers in the domestic market as a reason for the price drop.
In futures trading on the MCX, gold for April delivery rose by Rs 431 to Rs 85,118 per 10 grams, while silver futures gained Rs 234, reaching Rs 95,820 per kg.
Globally, Comex gold futures for April delivery climbed by USD 11.25 to USD 2,911.95 per ounce. Gold was supported by lower US Treasury yields and a weaker dollar. Spot gold on Comex was 0.49% higher at USD 2,896.68 per ounce.
Silver futures on Comex also saw a slight increase of 0.12%, trading at USD 32.89 per ounce, after briefly hitting a record high of USD 34.24 per ounce on Friday.
Investors are waiting for upcoming US economic data, including the Federal Reserve’s meeting minutes and speeches, to gauge the future direction of gold prices.
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