Gold witnessed a minor dip, sliding by Rs 10 to Rs 66,140 per 10 grams on Monday, as reported by HDFC Securities.
The previous trading session had seen gold closing at Rs 66,150 per 10 grams, indicating a marginal decrease in value.
Similarly, silver prices also witnessed a decline, dropping by Rs 100 to reach Rs 77,000 per kilogram.
Dilip Parmar, a Research Analyst at HDFC Securities, noted that spot gold prices (24 carats) in Delhi markets were trading at Rs 66,140 per 10 grams, registering a slight decrease of Rs 10 compared to the previous closing price.
Meanwhile, in international markets, spot gold on Comex remained steady at $2,156 per ounce, maintaining parity with its previous close. Silver, on the other hand, recorded a decline, with prices quoted at $25.11 per ounce, down from $25.19 per ounce in the previous session.
Pranav Mer, VP of Research (Commodity & Currency) at BlinkX and JM Financial, attributed the downward trend in gold prices to ongoing profit-booking and long liquidation activities among traders. The trend is particularly evident as traders position themselves ahead of significant central bank policy outcomes, commencing with the Bank of Japan’s meeting on Tuesday, followed by the US Federal Reserve’s meeting on Wednesday.
Mer highlighted the anticipation surrounding the Bank of Japan’s expected move to end its negative rate policy, while attention remains focused on the US Federal Reserve’s forward guidance for insights into the future trajectory of monetary policy.
(With PTI inputs)
