Prices of Gold dropped by Rs 95 to Rs 59, 505 per 10 grams in the national capital on Monday. This decline in gold price comes amid a fall in precious metal in the global markets, as per HDFC Securities. Reportedly, the yellow metal had settled at Rs 59,600 per 10 grams in the past trade. However, the prices of silver remained flat at Rs 72,500 per kilogramme.
According to reports, in the global markets, gold was trading lower at USD 1,923 per ounce while silver on the other hand remained flat at USD 23.09 per ounce. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities stated that the gold prices resumed trading on a slightly negative note after an uptick in the US dollar.
According to Praveen Singh, Associate Vice President at Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, on the macroeconomic front, this week’s major concentration will be US CPI Inflation data (June), which is expected to extend its deadline. Reports further state that the US dollar may suffer on soft inflation data, thereby investors are likely to buy the dips in gold.
In the last week of June, gold prices dipped down by Rs 100 to Rs 58,950 per 10 grams in the national capital. This decline in gold price came amidst a decline in precious metal prices globally, as per the HDFC Securities. The precious metal had earlier closed at Rs 59,050 per 10 grams in the earlier trade. Nonetheless, the silver prices remained flat at Rs 71,250 per kilogramme. Reports claimed that in the overseas markets, gold was trading lower at USD 1,904 per ounce, while on the other hand silver prices remained flat at USD 22.74 per ounce.
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