Gold and silver prices retreated from record high levels in the national capital on Monday, with the precious metal plunging by Rs 450 per 10 grams, due to weak global trends and easing tensions in West Asia. Gold prices declined by Rs 450 to Rs 73,650 per 10 grams amid weak trends in the overseas markets, according to HDFC Securities. The yellow metal had settled at Rs 74,100 per 10 grams on Friday.
Silver prices also tumbled by Rs 1,100 to Rs 85,500 per kg. In the previous close, it had closed at Rs 86,600 per kg.
'Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,650 per 10 grams, down by Rs 450 against the previous close,' Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at $2,365 per ounce, down by $26 from the previous close.
Gold resumed trading on a weaker note on Monday as demand for the safe haven asset decreased after easing geopolitical tensions in the Middle East.
Furthermore, a rise in the US dollar and Treasury yields, along with declining expectations from the Federal Reserve's interest rate cuts in 2024, weighed down on precious metal's prices, Gandhi said.
Silver was also trading lower at $27.95 per ounce. In the previous session, it had finished at $28.66 per ounce.
Meanwhile, in the futures trade on the MCX, gold tanked Rs 888 to trade at Rs 71,918 per 10 grams. The most traded June contract hit an intra-day low of Rs 71,704 per 10 grams.
Further, silver contracts for May delivery were also trading lower by Rs 1,785 or 2.14% to Rs 81,722 per kg on the bourse.
'Gold prices further went on to be weak as profit booking continued in the yellow metal, for week ahead price correction can continue as long as there is no new fresh trigger in the Middle East,' Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
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