New Delhi, June 24: Gold prices in the national capital fell by Rs 160 to Rs 99,800 per 10 gram on Monday due to continued selling by jewellers and stockists, according to the All India Sarafa Association.
The precious metal of 99.9 percent purity had closed at Rs 99,960 per 10 gram on Friday.
Gold of 99.5 per cent purity fell by Rs 150 to Rs 99,100 per 10 gram (inclusive of all taxes). It had closed at Rs 99,250 per 10 gram at the previous market close.
Silver, however, remained steady at Rs 1,05,200 per kg (inclusive of all taxes) on Monday.
On the global front, spot gold fell marginally to $3,365.40 per ounce. “Gold had briefly touched $3,413.80 an ounce on Monday but has since fallen as investors await Iran’s response following US involvement in airstrikes on Tehran,” said Kaynat Chainwala, AVP, Commodity Research, Kotak Securities. Chainwala said investors will await key economic events including Fed Chair Jerome Powell’s congressional testimony, US GDP data and core PCE inflation data, which could provide fresh cues on monetary policy direction amid mixed messaging from the Federal Reserve. Commodity market experts said the release of flash PMI data from major economies, including the US and the UK, is expected to provide fresh cues on the state of global economic health.
According to Riya Singh, Research Analyst – Commodities & Currency, Emkay Global Financial Services, domestic gold prices have risen 4 per cent so far in June, although it is trading lower than global rates due to weak jewellery demand. Despite the slowdown in festive purchases, investment demand for bars and coins, especially 10 gram coins, remains strong, driven by inflation fears, debt-related monetisation and low manufacturing costs. He said domestic gold monetisation has been further boosted by the relaxation of norms for loans against gold by the RBI.
