Bullion Market Closing: Gold Declines Rs 166 On Weak Global Trend

Gold prices declined Rs 166 to Rs 38,604 per 10 gram in the national capital on Monday amid sell-off in international markets, according to HDFC Securities. The precious metal had closed at Rs 38,770 per 10 gram on Saturday.

“Spot gold price for 24 Karat in Delhi fell by Rs 166 with sell-off in international gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Silver also fell by Rs 402 to Rs 45,178 per kg from Rs 45,580 per kg in the previous trade.

In the international market, both gold and silver were trading lower at USD 1,458 per ounce and USD 16.86 per ounce, respectively. Gold prices traded lower with international spot gold prices falling below USD 1,460 per ounce on Monday on US China trade deal optimism, Patel added.

Global equities were enthused by fresh optimism over a trade truce between the US and China amid reports that an initial deal may be signed by the end of this year.