Silver futures were trading down 0.43% or 394 rupees to 67,811 rupees per kg.
A combination of face-to-face peace commitments between Russia and Ukraine, a strong dollar index and higher bond yields led to the correction in gold prices, according to Patnaik, Head – Commodities, Axis Securities quoted by Economic Times.
According to Ravi Singh, vice president and head of research at ShareIndia, gold is gaining due to gains in US bond yields and the strength of the dollar. “However, higher energy prices and pending home sales in the U.S., durable goods orders and core durable goods data released last week supported the precious metals. gold could show a further correction this week,” he added.
Drop in Chinese gold imports from Hong Kong
China’s net gold imports from Hong Kong fell 13.7% in February to their lowest level in nearly a year, due to the Lunar New Year holiday and higher demand high, according to official data.
On Monday, gold fell by Rs 351 to close at Rs 51,452 per 10 grams in the nation’s capital, reflecting lower international precious metal prices. It had closed at Rs 51,803 per 10 grams in the previous trade.
Meanwhile, silver also fell from Rs 561 to Rs 68,182 per kg from Rs 68,743 per kg in the previous trading session. In the global market, gold traded at $1,933 per ounce and silver was flat at $25.10 per ounce.
In the spot market, the highest purity gold was sold at Rs 51,691 per 10 grams while silver at Rs 67,592 per kg on Monday.