"Spot gold prices for 24 karat in Delhi fell by Rs 548 after Diwali holiday catching the fall in global markets. Spot demand for gold is expected to remain low due to Diwali vacations as major spot markets like Ahmedabad is closed on the occasion of Bhaiduj," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
He further added that international gold prices were trading under pressure on optimism of the US-China trade deal. In the global market, gold was quoting flat at USD 1,493 per ounce and silver was trading lower at USD 17.77 an ounce. "Gold traders may eye upcoming Federal Open Market Committee (FOMC) meeting as prices are stuck in broad narrow range," he said.