On Monday, gold prices in the national capital Delhi remained stable at Rs 71,800 per 10 grams. According to Saumil Gandhi, senior commodities analyst at HDFC Securities, Comex spot gold saw a fall of 3.45 per cent on Friday, the highest since August 2021. However, the price of silver rose by Rs 200 up to Rs 92,100 per kg. In the last session it had closed at Rs 91,900 per kg.
In foreign markets, spot gold on Comex was trading at $2,293 an ounce, $1 lower than its previous close. However, silver rose to $29.50 an ounce. In the last session it had closed at $29.15 per ounce.
Gold prices on MCX
On the other hand, a drop in the price of gold is observed on the Multi Commodity Exchange. Overnight, the price of gold fell by Rs 92 and was trading at Rs 71,261. While on Monday, gold also hit the day’s lowest level of Rs 70,751. However, gold opened at Rs 71,149 on Thursday. While on Friday the price of gold closed at Rs 71,353. In the last two days, a price drop of more than Rs 2,200 has been observed.
On the other hand, there is an environment of rising silver prices. According to the data, overnight silver price is trading at Rs 89,675 with an increase of Rs 586 per kg. While during the trading session silver had reached Rs 90,180. However, silver closed at Rs 89,089 on Friday and opened at Rs 89,355 on Monday.
what the experts say
Jatin Trivedi, VP Research, Commodities and Currency Analyst at LKP Securities, said gold prices were trading in a tight range after a slight decline in the beginning. The change was mainly due to a stronger US dollar following strong non-farm payrolls data. On Monday, the rupee fell by 10 paise to close at 83.50 (provisional) against the US dollar.
Trivedi said China could also suspend its gold purchases, suggesting prices of the yellow metal could remain under control for some time. He said traders will now turn their attention to the upcoming US political decision and CPI data due out on June 12, which may further impact gold prices.
