Gold falls Rs 900 to Rs 1.47 lakh/10g in Delhi amid firm rupee, subdued global cues

Gold prices fell by Rs 900 to Rs 1.47 lakh per 10 grams in the national capital on Monday due to appreciation of the rupee and subdued movement in international markets.

According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity declined Rs 900 to Rs 1,47,400 per 10 grams (inclusive of all taxes).

It had closed at Rs 1,48,300 per 10 grams in the previous session.

“Gold prices traded in a narrow range on Monday due to subdued movement in the international market, and a stronger Indian rupee,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

Silver, however, rebounded by Rs 1,800 to Rs 2,26,500 per kilogram (inclusive of all taxes) from Friday’s closing level of Rs 2,24,700 per kg.

“Silver advanced in Monday’s session as investors increased buying after a weaker US dollar and easing oil prices improved sentiment toward precious metals,” said Gaurav Garg, Head of Research at Lemonn Markets Desk.

Gandhi noted that absence of fresh buying interest for gold and a cautious investor stance ahead of key US economic data limited further gains.

In international markets, spot gold edged up to USD 4,048.89 per ounce, while silver rose marginally to USD 57.97 per ounce.

“Precious metals firmed on Monday, with spot prices trading marginally higher around USD 4,050 per ounce and silver near USD 58, supported by weakness in oil prices on easing geopolitical tensions after Trump cancelled fresh strikes against Iran,” Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.

The dollar also weakened, adding a second tailwind, helped along by Japan’s ongoing yen-support intervention, including the first joint US-Japan yen-buying operation since 1998, which has mechanically dragged the dollar index lower given the yen’s weight in the basket, she added.

“However, with US real yields still elevated and the yen move largely technical rather than a genuine shift in dollar fundamentals, gold’s gains remain more measured than the dollar decline alone would suggest,” Chainwala said.

Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said despite oil falling more than 5 per cent, gold is largely subdued as many crucial data, including ISM manufacturing, JOLTs job openings, ISM services, ADP employment change and non-farm payroll data, will be released this week.