Gold plunges ₹574, silver plummets ₹2,113 amid weak global trends

Gold prices plunged by ₹574 to ₹57,155 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹57,729 per 10 grams.

Silver plummeted by ₹2,113 to ₹68,133 per kg.

"Spot gold prices in the Delhi markets traded at ₹57,155 per 10 grams, down ₹574 per 10 grams," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.

In the overseas market, both gold and silver were trading lower at $1,875 per ounce and $22.48 per ounce, respectively.

"We expect volatility will continue in precious metals with negative bias after short-term trend reversal in gold prices last week, with Comex gold having support at $1,856 to $1,833 per ounce," Gandhi said.

"In the last Fed policy meeting, a 25 basis points rate hike was announced with a less hawkish tone. However, US job market data and comments from Fed officials scheduled this week will be very important to watch for.

"Focus this week will also be on the RBI's monetary policy committee meeting and US Fed Governor Jerome Powell's speech," Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services said.

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