New Delhi, Oct 5 (PTI) Gold and silver prices remained unchanged in the national capital on Monday as subdued domestic demand kept bullion rates moving in a narrow range.
The yellow metal of 99.9 per cent purity quoted flat at Rs 1,49,800 per 10 grams, inclusive of all taxes, while silver remained steady at Rs 2,27,000 per kilogram, according to local traders.
Traders said domestic prices moved in a narrow range, with subdued demand from jewellers and retailers keeping the precious metals muted.
“Gold prices remained steady in the domestic market, tracking a firm trend in overseas markets,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
However, a stronger US dollar capped the upside in precious metals, he added.
In global markets, spot gold traded marginally higher at USD 4,156.62 per ounce, while silver rose more than 2 per cent to USD 61.70 an ounce.
“Spot gold gained marginally at USD 4,157 per ounce as crude oil prices have eased slightly,” said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
The US dollar index surged past 102.50, the highest level since April 10, amid the Eurozone’s fiscal and political concerns, he added.
According to Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, gold is well-positioned to stabilise and potentially catch a strong tailwind as clarity emerges on US inflation, backed by the traditional surge in physical demand during the peak festive months of October and November, along with central bank demand. PTI HG HG BAL
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