New Delhi, Sep 7 (PTI) Gold prices began the week on a muted note, falling Rs 650 to Rs 1,60,250 per 10 grams in the national capital on Monday as a bearish global trend weighed on domestic sentiment.
The yellow metal of 99.9 per cent purity had ended at Rs 1,60,900 per 10 grams on Friday.
However, silver remained unchanged at Rs 2,40,500 per kilogram (inclusive of all taxes) for the second straight session, according to local traders.
“Gold remained under pressure after stronger-than-expected US jobs data increased expectations of a September Fed rate hike, with markets now awaiting this week’s Producer Price Index and Consumer Price Index data for further policy clues,” said Gaurav Garg, Head of Research at brokerage platform Lemonn.
The focus has shifted to key US inflation readings due later this week, which could offer fresh cues on the Federal Reserve’s interest-rate trajectory and its effect on bullion outlook.
In the international markets, spot gold slipped by USD 35.03, or nearly 1 per cent, to USD 4,395.30 per ounce while silver dropped 1 per cent to USD 65.64 per ounce.
“Gold fell on Monday, tracking weaker overseas cues, with spot prices hovering around the USD 4,400 level,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
