Gold prices fell by Rs 190 to Rs 78,960 per 10 grams in the national capital on Monday, according to the All India Sarafa Association.
The precious metal of 99.9 percent purity settled at Rs 79,150 per 10 grams on Friday.
However, silver rose by Rs 350 to Rs 93,850 per kg on Monday. The metal had ended at Rs 93,500 per kg in the previous session.
The price of gold of 99.5 percent purity fell by Rs 190 to Rs 78,560 per 10 grams. On Friday, the yellow metal closed at Rs 78,750 per 10 grams.
Meanwhile, in futures trade on MCX, gold contracts for February delivery jumped Rs 410 or 0.54 percent to Rs 77,029 per 10 grams.
“The price of gold rose on the MCX, as the country’s unrest began to seek safe haven. Rebel forces ousted Syrian President Bashar al-Assad, with reports of Israeli involvement in Syrian territory and Turkish-backed rebels intensified.
“At the same time, the South Korean leadership crisis, which includes the criminal investigation of President Yoon Suk Yeol and the survival of the case, adds to the uncertainty in the world,” said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said Jateen Trivedi.
Silver contracts for delivery in March advanced by Rs 738 or 0.8 percent to Rs 93,186 per kg.
In overseas markets, Comex gold futures rose USD 14.10 per ounce or 0.53 percent to USD 2,673.70 per ounce.
“Gold rose sharply in the European trading session on Monday, as sentiment was boosted by anticipation of a major announcement from China, which will boost overall demand outlook,” said Saumil Gandhi, Chief Commodity Analyst at HDFC Securities.
China’s Politburo said it will implement a proactive monetary policy and a slightly looser monetary policy next year and will vigorously promote consumption and expand domestic demand in all directions.
In addition, demand for safe havens continues to support gold prices, Gandhi said.
Silver also quoted 1.89 percent higher at USD 32.19 per ounce in Asian market hours.
Market participants’ focus has shifted to US CPI data to be released on Wednesday which will provide more clues about the trajectory of the dollar’s prices, he added.