Gold Prices Slide Amid Rising Oil, Stronger Dollar
Gold and silver prices fell on Monday as rising oil prices, a stronger US dollar, and higher bond yields weighed on demand for non-interest-bearing assets. On the international market, COMEX gold declined by 1.57% to $4,253.40 an ounce, while COMEX silver dropped by 2.76% to $63.01 an ounce.
The decline comes after both precious metals recorded losses last week. COMEX gold futures for December delivery fell by $103.70 or 2.34%, last week to settle at $4,321.20 an ounce, while silver declined by $2.35, or 3.5%, to $64.80 an ounce.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, noted that gold remained highly volatile last week, trading within the ₹1.5-1.54 lakh per 10 grams range and ending lower by more than 2% as profit booking from higher levels continued.