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New Delhi In the domestic bullion market, a sharp decline in gold and silver prices has been recorded on Monday. According to HDFC Securities, the spot price of gold declined by Rs 326 per 10 grams in the national capital on Monday. Due to this decline, the price of gold has been reduced to Rs 52,423 per 10 grams. According to Securities, this fall has been seen in the domestic prices of gold due to strengthening rupee and weak global trend. Significantly, in the previous session, gold had closed at Rs 52,749 per 10 grams.
At the same time, the spot price of silver recorded a huge decline on Monday. The price of silver has fallen by Rs 945 per kg on Monday. Due to this, the price of silver has been reduced to Rs 68,289 per kg. Significantly, in the previous session, silver had closed at Rs 69,234 per kg.
The Indian rupee closed at 73.38 (provisional) on Monday for seven paise against a dollar despite a fall in the domestic stock markets.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said that the precious metal gold prices are trading under pressure due to the recovery in the US currency dollar.
Navneet Damani, VP (Commodities Research), Motilal Oswal Financial Services, said that due to the rise in the dollar, gold prices are lower than before.
Tremendous decline in futures market
On Monday evening, a sharp decline was observed in the Gold-Silver Futures Price. The gold prices of October futures were currently trending at Rs 51,132 per 10 grams on MCX, falling by Rs 583. At the same time, the silver price of December futures was seen trending at Rs 66,542 per kg on MCX with a steep fall of Rs 1,335.