Positive US data takes sheen off bullion prices
US markets suffered worst week since Halloween; Hang Seng, shanghai, S&P/ASX 200, SET fell, while Taiex gained; Japanese mkts closed for a holiday; European markets trading lower
New Delhi: Gold prices slipped Rs250 to Rs63,200 per 10 grams in the national capital on Monday amid a decline in precious metal prices internationally, according to HDFC Securities. The precious metal had settled at Rs63,450 per 10 grams in the previous close. Silver also slumped Rs400 to Rs76,300 per kilogram. In the previous trade, silver closed at Rs76,700 per kg. In the futures trade on the MCX, the February contract of gold plunged Rs355 to Rs62,202 per 10 grams. Also, the March contract of silver tumbled Rs415 to Rs72,172 per kg on the bourse. In the overseas markets, both gold and silver were trading lower at $2,029 per ounce and $22.95 per ounce, respectively. “Following strong US labour market data which stoked investor anticipation that the Federal Reserve might delay interest rate cuts led to a decline in gold prices,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
