Gold falls Rs 160 to Rs 99,800 per 10 g; silver trades flat
Gold price fell by Rs 160 to Rs 99,800 per 10 grams in the national capital on Monday due to continuous selling by jewellers and stockists, according to the All India Sarafa Association.
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Gold price fell by Rs 160 to Rs 99,800 per 10 grams in the national capital on Monday due to continuous selling by jewellers and stockists, according to the All India Sarafa Association.The precious metal of 99.9 per cent purity had closed at Rs 99,960 per 10 grams on Friday.Gold of 99.5 per cent purity depreciated by Rs 150 to Rs 99,100 per 10 grams (inclusive of all taxes). It had settled at Rs 99,250 per 10 grams in the previous market close.However, silver traded flat at Rs 1,05,200 per kilogram (inclusive of all taxes) on Monday.On the global front, spot gold went lower marginally to USD 3,365.40 per ounce."Gold briefly surged to USD 3,413.80 per ounce on Monday but has since pulled back, as investors await Iran's response following US participation in the air strikes on Tehran," Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.Investors will be awaiting key economic events, including Fed Chair Jerome Powell's congressional testimony, US GDP data, and core PCE inflation figures, which could offer fresh clues on monetary policy direction amid a mixed message from the Federal Reserve, Chainwala added.Commodities markets experts said the release of flash PMI data from major economies, including the US and the UK, later in the day, is expected to offer fresh cues on the state of global economic health.According to Emkay Global Financial Services ' Research Analyst - Commodities and Currency Riya Singh, domestic prices of gold have risen 4 per cent so far in June, although trading at a growing discount to global rates owing to weak jewellery demand Despite muted festive buying, investment demand for bars and coins, especially 10g coins remains robust, driven by inflation fears, loan-linked monetisation, and lower fabrication costs. RBI's easing of norms for loans against gold has further supported household gold monetisation, she added.
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