Gold falls Rs 50; silver declines by Rs 300

New Delhi: Gold prices eased by Rs 50 to Rs 61,770 per 10 grams in the national capital on Monday in line with weak global cues, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 61,820 per 10 grams.

Silver also declined by Rs 300 to Rs 76,000 per kg.

“Gold prices retreated as traders booked profit, after price advanced more than 2 per cent last week, supported by soft US economic data which fuelled optimism that the Fed’s aggressive monetary policy campaign will come to an end,” Saumil Gandhi, senior analyst of commodities, HDFC Securities, said.
In the overseas markets, both gold and silver were down at USD 1,978 per ounce and USD 23.55 per ounce, respectively. Traders will monitor the Federal Open Market Committee (FOMC) meeting minutes, which will be released on Tuesday, for further direction on precious metals, Gandhi said.

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