Gold prices fall ₹80, silver prices decline ₹400
The prices of precious metal gold had fallen ₹80 to ₹60,400 per 10 grams in the national capital on Monday amid weak global cues.
In the previous trade, the yellow metal had finished at ₹60,480 per 10 grams.
The prices of silver also went lower ₹400 at ₹73,000 per kilogramme.
Spot gold prices in the Delhi markets traded at ₹60,400/10 gms, slightly down by ₹80 per 10 grams, Dilip Parmar, Research Analyst at HDFC Securities, said.
In the overseas markets, spot gold was down 0.4% at $1,939.19 per ounce, as of 0803 GMT, hovering near its lowest levels since May 30. U.S. gold futures shed 0.8% to $1,954.40.
“Gold prices edged lower on the back of positive economic data points, higher US dollar and yields, offsetting support from the prospects that the Federal Reserve would pause its rate hikes this month,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.
Gold prices dropped more than 1 per cent on Friday after data showed U.S. nonfarm payrolls rose by 339,000 jobs last month. But the unemployment rate surged to a seven-month high of 3.7% from a 53-year low of 3.4% in April.
Spot silver lost 0.8% at $23.40 per ounce, platinum edged up 0.1% to $1,004.66 per ounce and palladium gained 1% to $1,434.61.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Download Finplay News App to get Daily Market Updates & Live Business News.
More
Less
Updated: 05 Jun 2023, 05:47 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.