New Delhi, June 16: Gold prices fell Rs 170 to Rs 1,01,370 per 10 grams in the national capital on Monday amid weak global trends, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 1,01,540 per 10 grams on Friday.
Gold of 99.5 per cent purity slipped by Rs 150 to Rs 1,00,550 per 10 grams (inclusive of all taxes). The metal had settled at Rs 1,00,700 per 10 grams in the previous session.
Additionally, silver prices declined by Rs 1,000 to Rs 1,07,100 per kilogram (inclusive of all taxes) on Monday. The white metal had ended at Rs 1,08,100 per kg on Friday.
In the futures trade, the most traded August contract for gold was trading lower at Rs 99,918 per 10 grams, down by Rs 358 on the Multi Commodity Exchange (MCX).
“Gold traded in a narrow range near Rs 99,800, as profit booking was witnessed following reports of multiple potential trade deals between India-US, India-China, and US-Euro zones.
“This moderation in safe-haven demand led to a mild correction in gold in the international markets as well,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
Meanwhile, the precious metal climbed Rs 802 to hit a lifetime high of Rs 1,01,078 per 10 grams in the morning session on the MCX.
Globally, spot gold fell by USD 13.23 per ounce to trade at USD 3,419.41 per ounce.
“Gold prices corrected slightly but continue to hover near record highs as escalating tensions between Israel and Iran drive investors toward safe-haven assets,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.
Traders believe continued uncertainty in the Middle East will keep bullion prices well-supported, Mehta said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, investors this week will look forward to a host of central bank monetary policy decisions, including US Federal Reserve’s meeting on Wednesday.
The central bank’s economic projections will provide further guidance on the potential interest rate cuts in the months ahead, Chainwala said. (PTI)
