Gold prices traded flat at Rs 72,350 per 10 grams while silver gained Rs 200 per kg in the local market on Monday, according to HDFC Securities. Silver prices rose by Rs 200 to Rs 90,300 per kg from the previous close of Rs 90,100 per kg.
“In Delhi markets, spot gold prices (24 carats) are trading flat at Rs 72,350 per 10 grams, unchanged from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the overseas markets, spot gold at Comex was trading at USD 2,327 per ounce, slightly up USD 1 from the previous close. Gold struggled to find direction on Monday and moved in a narrow range above the USD 2,320 level during the European trading session, Gandhi said.
“traders appear cautious about making aggressive directional bets given uncertainties about the US Federal Reserve‘s interest rate-cutting plan, resulting in sluggish range-bound price activity,” he added.
Silver also marginally up at USD 29.15 per ounce. In the previous session, it had settled at USD 29.13 per ounce. “Momentum in bullion looks consolidative ahead of the US Fed chair Jerome Powell’s speech and the minutes of the Fed’s last meeting due on Wednesday and US Nonfarm Payroll data on Friday,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, said. According to market experts, investors will await the key US macro data, including ISM Purchasing Managers Index (PMI) June, to be released later in the day, which will further provide more insights on the direction of the bullion prices.
Further, the ongoing geopolitical tensions and the uncertainty after the first round of France’s parliamentary elections might boost the safe-haven asset and drag the US Dollar lower, they added.