New Delhi, June 17 Gold prices in the national capital on Monday fell by Rs 170 to Rs 1,01,370 per 10 grams amid weak global trends, according to the All India Sarafa Association.
The precious metal of 99.9 percent purity had closed at Rs 1,01,540 per 10 grams on Friday.
Gold of 99.5 percent purity fell by Rs 150 to Rs 1,00,550 per 10 grams (inclusive of all taxes). The metal had closed at Rs 1,00,700 per 10 grams in the previous session.
Besides, the price of silver on Monday fell by Rs 1,000 to Rs 1,07,100 per kg (inclusive of all taxes). The white metal had closed at Rs 1,08,100 per kg on Friday.
In futures trading, the most-traded August contract of gold on the Multi Commodity Exchange (MCX) was trading lower by Rs 358 at Rs 99,918 per 10 gram. “Profit booking was witnessed following reports of multiple potential trade deals between India-US, India-China and US-Euro regions, keeping gold trading in a narrow range around Rs 99,800.
This softening in safe-haven demand also led to a marginal drop in gold prices in the international markets,” said Jatin Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities. Meanwhile, the precious metal climbed Rs 802 to hit an all-time high of Rs 1,01,078 per 10 gram in the morning session on MCX. Globally, spot gold was trading down $13.23 an ounce at $3,419.41 an ounce.
“Gold prices declined marginally but remained around record highs, as rising tensions between Israel and Iran attracted investors to safe-haven assets,” said Chintan Mehta, Chief Executive Officer, Abans Financial Services. Traders believe uncertainty will continue. Mehta said that the mid-term gold price will remain bearish. The former will provide good support to bullion prices.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, investors will await a number of central bank monetary policy decisions this week, including the US Federal Reserve meeting on Wednesday.
The central bank’s economic projections will provide further guidance on possible interest rate cuts in the coming months, Chainwala said.
