The price of gold declined to a three-week low by Rs 315 to Rs 51,679 per 10 grams in the national capital on Monday, compared to Rs 51,994 in the previous trade owing to the depreciation of the Rupee against the US Dollar. Notably, silver plunged by Rs 635 to Rs 55,416 per kg.
In Mumbai, the price of 10 grams of 22-carat stood plunged by Rs 200 at Rs 47,600 compared to Rs 47,800 in the previous session. Similarly, the price of 10 grams of 24-carat of yellow metal declined by Rs 220 to Rs 51,930, compared to Rs 52,150 in the previous session.
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Similarly, in Bengaluru, the price of 10 grams of 22-carat declined by Rs 200 to Rs 47,650, whereas the price of 10 grams of 24-carat gold slipped by Rs 220 to Rs 51,980.
In Chennai, the price of 10 grams of 22-carat gold declined by Rs 150 to Rs 48,150, whereas the price of 10 grams of 24-carat gold slipped by Rs 170 to Rs 52,530.
Notably, in the international market, the gold price plunged to near a one-month low owing to a stronger US Dollar and surging US bond yields, which could be its longest losing streak since November 2021, as per a report by Reuters. As per the report, the price of spot gold was down 0.6 per cent at $1,737 per ounce.
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Meanwhile, spot silver was trading 0.2 per cent lower to $19 per ounce.
Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, “Gold prices traded lower on a stronger dollar and hawkish comments from several US Federal Bank officials over committing to raise interest rates at a sharp clip to combat overheated inflation.”
(With inputs from PTI)
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