The price of gold witnessed a decline of Rs 1,400 in the national capital, dropping to Rs 1.53 lakh per 10 grams. It closed at Rs 1,54,400 per 10 grams on the previous Friday.
The All India Bullion Association said that there was a fall of Rs 2,000 in the price of silver. The price inclusive of tax came down to Rs 2,26,500 per kilogram from Rs 2,28,500 per kilogram in the last trading day. There was an appreciation of the rupee by 96 paise to reach 95.75 against the US dollar. It was the highest appreciation of the rupee in more than six months. The Reserve Bank of India had taken several measures to strengthen the domestic unit.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that gold prices in the domestic market fell due to weak global cues. The strong Indian rupee further put pressure on precious metal prices. In international markets, spot gold fell by $17.36 (0.41%) to $4,176.88 per ounce. Silver traded marginally lower at $60.66 per ounce. Domestic gold buying remained sluggish as prices rose again. Demand in China is expected to recover after a reduced trading period due to holidays.
The strengthening rupee made gold imports cheaper, impacting demand in the domestic market. The Reserve Bank of India's intervention supported the rupee. The central bank had taken several steps over the weekend aimed at strengthening the domestic currency. This helped strengthen the rupee against the US dollar.
Gaurav Garg, head of research at brokerage platform Lemon, said that despite soft crude oil prices, gold was trading lower in global markets around $4,179 per ounce. The US dollar index remained near an 18-month high, limiting the potential for a rise in the precious metal. Crude oil prices also fell as expectations of increased Russian energy supplies eased immediate supply concerns. However, renewed tensions in West Asia and risks to regional shipping fueled volatility in oil prices.
According to Vikram Subburaj, CEO of Giottus, gold's short-term outlook is strong, while silver's slow gains require more caution. Investors will be monitoring the dollar, US bond yields, the rupee, and upcoming inflation data.
The price of gold witnessed a decline of Rs 1,400 in the national capital, dropping to Rs 1.53 lakh per 10 grams. It closed at Rs 1,54,400 per 10 grams on the previous Friday.
The All India Bullion Association said that there was a fall of Rs 2,000 in the price of silver. The price inclusive of tax came down to Rs 2,26,500 per kilogram from Rs 2,28,500 per kilogram in the last trading day. There was an appreciation of the rupee by 96 paise to reach 95.75 against the US dollar. It was the highest appreciation of the rupee in more than six months. The Reserve Bank of India had taken several measures to strengthen the domestic unit.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that gold prices in the domestic market fell due to weak global cues. The strong Indian rupee further put pressure on precious metal prices. In international markets, spot gold fell by $17.36 (0.41%) to $4,176.88 per ounce. Silver traded marginally lower at $60.66 per ounce. Domestic gold buying remained sluggish as prices rose again. Demand in China is expected to recover after a reduced trading period due to holidays.
The strengthening rupee made gold imports cheaper, impacting demand in the domestic market. The Reserve Bank of India's intervention supported the rupee. The central bank had taken several steps over the weekend aimed at strengthening the domestic currency. This helped strengthen the rupee against the US dollar.
Gaurav Garg, head of research at brokerage platform Lemon, said that despite soft crude oil prices, gold was trading lower in global markets around $4,179 per ounce. The US dollar index remained near an 18-month high, limiting the potential for a rise in the precious metal. Crude oil prices also fell as expectations of increased Russian energy supplies eased immediate supply concerns. However, renewed tensions in West Asia and risks to regional shipping fueled volatility in oil prices.
According to Vikram Subburaj, CEO of Giottus, gold's short-term outlook is strong, while silver's slow gains require more caution. Investors will be monitoring the dollar, US bond yields, the rupee, and upcoming inflation data.