Gold prices in India fell on Monday as yellow metal futures on MCX stood at Rs 47,719 per 10 grams. Silver futures also slid and stood at Rs 69,196 per kg.
Meanwhile the gold spot price today was at Rs 47,810 with no change over yesterday.
In the international markets, yellow metal prices were stable and stood at $1802.8 per Troy ounce. Silver prices fell to $26.0 per Troy ounce.
Commenting on the gold price trends, Ravindra Rao, Head of Commodity Research at Kotak Securities said, “COMEX gold trades marginally lower near $1805 per ounce after a 0.6 per cent gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions and inflationary concerns. Gold may remain choppy amid lack of fresh cues however increasing challenges may improve safe haven appeal.”