Gold remains flat at Rs 71,800/10 grams; silver rises Rs 200

NEW DELHI: Gold prices remained flat at Rs 71,800 per 10 grams in the national capital on Monday.

According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, gold traded flat on Monday, after Comex spot gold declined as much as 3.45 per cent on Friday, the most since August 2021.

However, silver prices rose Rs 200 to Rs 92,100 per kg. In the previous session, it had closed at Rs 91,900 per kg.

"In the Delhi markets, spot gold prices (24 carats) are trading flat at Rs 71,800 per 10 grams, unchanged from the previous close," Gandhi said.

In the overseas markets, spot gold at Comex was trading at USD 2,293 per ounce, down USD 1 from the previous close.

However, silver was quoted higher at USD 29.50 per ounce. It had ended at USD 29.15 per ounce in the previous session.

"Gold prices traded within a narrow range, after a minor gap-down opening. This movement was mainly influenced by the strengthening US dollar, following strong nonfarm payrolls data," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

The rupee settled for the day lower by 10 paise at 83.50 (provisional) against the US dollar on Monday.

"Additionally, profit booking occurred due to indications that China might halt its gold purchases, suggesting that the yellow metal prices could be capped for a while," Trivedi said.

Traders will now shift their focus to the upcoming US policy decision and Consumer Price Index (CPI) inflation data, both due on June 12, which will further provide more insights on the gold prices, he added.