According to the All India Sarafa Association, the price of 24-carat gold of 99.9 per cent purity fell by Rs 500 to Rs 1,13,300 per 10 grams (inclusive of all taxes), ending a four-day winning streak. On Friday, it had rallied by Rs 700 to a record Rs 1,13,800 per 10 grams
Globally, spot gold traded marginally higher at USD 3,645.12 per ounce, while silver was quoted at USD 42.20 per ounce. Representational pic
Silver prices rose by Rs 300 to hit a fresh all-time high of Rs 1,32,300 per kg, while gold retreated from record levels, dropping Rs 500, in the national capital on Monday amid firm global trends, reported news agency PTI.
According to the All India Sarafa Association, the price of 24-carat gold of 99.9 per cent purity fell by Rs 500 to Rs 1,13,300 per 10 grams (inclusive of all taxes), ending a four-day winning streak. On Friday, it had rallied by Rs 700 to a record Rs 1,13,800 per 10 grams.
Meanwhile, gold of 99.5 per cent purity also dipped by Rs 500 to Rs 1,12,800 per 10 grams, after closing at Rs 1,13,300 per 10 grams in the previous session, reported PTI.
The price of silver, however, surged by Rs 300 to a record Rs 1,32,300 per kg (inclusive of all taxes), after closing at Rs 1,32,000 per kg on Friday.
PTI, quoting bullion traders, reported that silver’s sustained rise reflects heightened investor interest and optimism over industrial demand, with a weak US labour market fuelling expectations of easier monetary policy.
Silver prices have surged Rs 42,600 per kg, or 47.5 per cent, so far this calendar year, from Rs 89,700 per kg on December 31, 2024.
“Gold traded lower on Monday, showing a moderate bearish bias, as traders remained cautious and avoided fresh buying ahead of the highly anticipated Federal Reserve policy meeting,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
The Fed’s two-day meeting is scheduled to begin on September 16 and conclude on September 17, followed by Chair Jerome Powell’s press conference. Markets are closely watching amid tensions between US President Donald Trump’s administration and Fed officials.
Globally, spot gold traded marginally higher at USD 3,645.12 per ounce, while silver was quoted at USD 42.20 per ounce.
“Spot gold held firm near USD 3,650 per ounce on Monday, following a fourth consecutive weekly gain, as markets await the outcome of the upcoming Fed Open Market Committee meeting. Traders are also monitoring President Trump’s push for an emergency federal appeals court ruling to remove Fed Governor Lisa Cook by Monday, just one day before the Fed convenes,” said Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.
Manav Modi, analyst (precious metals research), Motilal Oswal Financial Services, added, “Tensions in the Middle East and NATO’s fresh involvement in Eastern Europe continue to provide a risk premium for gold.”
Modi further noted that policy meetings of the Bank of England and Bank of Japan, along with US retail sales and industrial production data scheduled this week, will provide insights on the near-term trajectory of bullion prices.
(With PTI inputs)
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