Bullion Market Closing: Gold Prices Fall Rs 73, Silver Drops Rs 156

Gold prices weakened by Rs 73 to Rs 39,882 per 10 gram in the national capital on Monday amid muted demand. The precious metal had in the previous trade closed at Rs 39,955 per 10 gram, according to HDFC Securities.

Silver also fell by Rs 156 to Rs 47,910 per kg compared to the previous close of Rs 48,066 per kg. In the global market, gold and silver traded marginally higher at USD 1,513.50 per ounce and USD 17.87 per ounce, respectively.

“Gold prices traded steady on Monday with spot gold prices (globally) trading marginal up to USD 1,513 per ounce witnessing range-bound movement on holiday mood,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Navneet Damani, Vice-President (Commodities Research) of Motilal Oswal Financial Services, said, “Gold prices continue to inch higher at a gradual pace as investors hedge against risks following tensions between the US and Middle East.”