Gold falls Rs 100, silver declines by Rs 300 on weak global cues

Gold closed at Rs 60,450 per 10 grams in the previous trade.

Gold prices fell by Rs 100 to Rs 60,350 per 10 grams in the national capital on Monday amid a decline in the precious metal in global markets, according to HDFC Securities.

The precious metal had closed at Rs 60,450 per 10 grams in the previous trade. Silver also dropped by Rs 300 to Rs 76,700 per kilogramme. In the global market, gold and silver were quoting lower at USD 1,955 per ounce and USD 24.25 per ounce, respectively.

Gold struggled to find direction after mixed US economic data that clouded the outlook for the Federal Reserve’s likely rate path amid conjecture on whether its economy is running too hot or too cold.

The dollar index sustained above the 101 level and is currently trading up by 0.11 per cent at 101.51 which also put pressure on precious metals, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.