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Gold falls Rs 303, silver drops Rs 197

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Gold falls Rs 303, silver drops Rs 19

Gold prices declined by 303 rupees to 49,571 rupees per 10 grams in the national capital on Monday amid weak global cues and rupee appreciation, quoting HDFC Securities Press Trust of India (PTI) reported.

In the previous trade, the yellow metal had closed at 49,874 rupees per 10 grams

Silver also dipped by 197 rupees to 57,090 rupees per kilogram from 57,287 rupees per kg in the previous trade.

The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels.

In the international market, gold was quoting lower at USD 1,662 per ounce, while silver was flat at USD 19.28 per ounce, reads the report.

“Gold prices extended loses as firm dollar and speculation ahead of US FOMC meet has pinned down investment sentiments on expectations of larger rate hike,” Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said. (PTI)

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