Gold Slips Slightly To Rs 97,470 Per 10 Grams
Silver prices also went lower by Rs 200 to Rs 1,02,800 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,03,000 per kg on Friday
Gold prices fell Rs 200 to Rs 97,470 per 10 grams in the national capital on Monday due to continuous selling by stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 97,670 per 10 grams on Friday.
Extending the losses for the seventh straight day, gold of 99.5 per cent purity slipped Rs 150 to Rs 97,050 per 10 grams (inclusive of all taxes). It had settled at Rs 97,200 per 10 grams in the previous market session.
"Gold continues to face downward pressure as both geopolitical and economic uncertainties ease. The cooling of tensions in the Middle East and the progress on trade agreements with the US are lowering the immediate need for safe haven assets.
"As countries move swiftly to finalise deals, risk sentiment across markets has improved, prompting investors to unwind safe-haven positions," Abans Financial Services' Chief Executive Officer Chintan Mehta said.
Also, falling crude oil prices are easing inflationary concerns, further reducing the appeal of gold as an inflation hedge, Mehta added.
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Silver prices also went lower by Rs 200 to Rs 1,02,800 per kilogram (inclusive of all taxes) on Monday. The white metal had finished at Rs 1,03,000 per kg on Friday.
Meanwhile, the most traded gold futures for August delivery rose by Rs 520 or 0.54 per cent to Rs 95,990 per 10 grams on the Multi Commodity Exchange.
"In June alone, gold prices slipped by about 5 per cent, showing that some profit booking is happening.
"This does not mean gold has turned weak, geopolitical tensions, like worries about conflicts flaring up again in West Asia, and continued central bank buying are still giving gold good support," Trivesh D, Chief Operating Officer at Tradejini, said.
Meanwhile, spot gold appreciated by USD 12.06 or 0.37 per cent to USD 3,286.31 per ounce in the global markets.
"Gold remains under pressure, trading near USD 3,300 per ounce, as renewed optimism over global trade negotiations lifted risk sentiment," Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, this week is crucial, with a slew of high-impact US macroeconomic data, including ADP non-farm employment, non-farm payrolls, and the unemployment rate, all of which will provide further direction to gold prices.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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