Gold gains Rs 255; silver climbs Rs 561

Gold price in the national capital rose Rs 255 to Rs 52,850 per 10 grams on Monday, according to Securities. In the previous trade, the precious metal had settled at Rs 52,595 per 10 grams.

Silver also climbed Rs 561 to Rs 62,440 per kilogram.

“Gold prices witnessed profit booking from a three-month peak hit in the previous session, US bond yields rose after a top US central banker warned that the Federal Reserve is not ‘softening’ fight against inflation yet,” said Navneet Damani, Senior VP – Commodity Research at

.

In the international market, gold was trading in red at USD 1,763 per ounce while silver was flat at USD 21.69 per ounce.
“Gold prices retreated from a two-and-half month high on Monday as comments from some members of the US Federal Reserve suggested that the bank will continue to act tough against inflation,” Vinay Rajani, Research Analyst at HDFC Securities, said.