New Delhi: In concurrence with the decline in international precious metal prices along with rupee depreciation, Gold prices in the national capital fell Rs 365 to Rs 51,385 per 10 grams on Monday. The yellow metal had closed at Rs 51,750 per 10 grams in the previous trade. In the international market, gold was quoting lower at USD 1,721 per ounce, while silver was flat at USD 18.62 per ounce.
“Gold prices have breached the key support in the Indian and referential international market today amid hawkish central banks’ stance, a firm U.S. dollar that is trading at a fresh 21-Year high, and rising U.S. Bond Yield,” Tarun Satsangi, AGM (Commodity Research), Origo e-Mandi told Zee Media.
Now, prices can correct to $1705/$1680 an ounce as long as trading below $1780. While, in the domestic market, gold in the spot market will plunge to Rs 49,500 per 10 grams in the coming days unless sustains above Rs 52,200 per 10 grams he added.
Silver also plunged by Rs 1,027 to Rs 55,301 per kg from Rs 56,328 per kg in the previous trade.
“While silver is looking more bearish than gold and is prone to fall below Rs50,000 per kg in the coming days as long as trading below Rs58000. Risk-Off sentiment and falling equities are adding further pressure on silver.,” Satsangi said.