New Delhi, Aug 25 (PTI) Gold prices slipped Rs 200 to Rs 1,00,170 per 10 grams in the national capital on Monday due to selling by stockists in line with a bearish trend in the global markets, according to the All India Sarafa Association.
On Friday, the precious metal of 99.9 per cent purity had closed at Rs 1,00,370 per 10 grams.
In the national capital, gold of 99.5 per cent purity dipped by Rs 150 to Rs 99,900 per 10 grams (inclusive of all taxes) on Monday. It had settled at Rs 1,00,050 per 10 grams in the previous market session.
Meanwhile, silver prices remained flat at Rs 1,15,000 per kg (inclusive of all taxes).
In global markets, spot gold traded 0.26 per cent lower at USD 3,363.45 per ounce in New York.
“Gold is trading lower on Monday, and is expected to trade with a positive bias if the US job market weakens, as the interest rate cut odds rise,” Praveen Singh, Head of commodities and Currencies at Mirae Asset ShareKhan, said.
Spot silver also went lower by 0.17 per cent to trade at USD 38.78 per ounce.
“Last week, gold and silver prices rebounded sharply following dovish comments from US Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell hinted that the central bank may soon cut interest rates for the first time since December,” Rahul Kalantri, Vice-President of Commodities, Mehta Equities, said.
The upcoming US Federal Reserve’s FOMC meeting is scheduled for September 16-17.
However, persistent inflation concerns and sluggish economic activity may prevent aggressive interest rate cuts, capping further upside in precious metals, Kalantri added.
According to Renisha Chainani, Head – Research at Augmont, investors will closely watch the preliminary reading of the US GDP for the second quarter, which is scheduled to release on Thursday will provide more insights into the monetary policy stance of the Federal Reserve and the trajectory of the bullion sentiment. PTI HG HG MR
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