Gold declines Rs 464, silver cracks Rs 723 amid weak global cues

According to HDFC Securities, domestic gold price on Monday declined Rs 464 to Rs 47,705 per 10 grams due to a fall in global prices. Similarly, the price of silver decreased Rs 723 to Rs 70,420 per kg, from Rs 71,143 per kg in the previous trade.

New Delhi: Gold in the national capital on Monday plunged Rs 464 to Rs 47,705 per 10 grams reflecting decline in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,169 per 10 grams. Silver also declined Rs 723 to Rs 70,420 per kg, from Rs 71,143 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,858 per ounce and silver was flat at USD 27.70 per ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said: "The yellow metal extended decline on a firm dollar. Traders and investors are awaiting fresh triggers from the US FOMC meet on Wednesday."

According to Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani, weak dollar could be the reasons behind the fall in gold prices.

"Gold prices slipped to more than one-week low, weighed down by a stronger dollar as focus turns to the US Federal Reserve policy meet this week," said Damani.

(PTI)