Bullion prices fall as safe haven demand eases

New Delhi: Gold prices fell Rs 100 to Rs 60,700 per 10 grams in the national capital on Monday amid a fall in the precious metal’s price globally, according to HDFC Securities.

In the previous trade, the yellow metal had ended at Rs 60,800 per 10 grams. “Gold prices dropped on Monday, with spot gold prices in the Delhi markets trading at Rs60,700/10 gram, down Rs100 against the previous close,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

Silver also tumbled Rs700 to Rs72,500 per kilogram. In the international market, both gold and silver were down at $1,937 per ounce and $22.05 per ounce, respectively. “Gold prices resumed trading on a weaker note as demand for safe haven asset eased and US Federal Reserve officials downplayed the market's dovish bid on future interest rates, which continued pressure on gold prices,” Gandhi said.