Gold Price Drops Rs 200, Silver Falls Rs 800 - HDFC Securities

New Delhi, Jun 3 (PTI) Gold prices slumped Rs 200 to Rs 72,450 per 10 grams in the national capital on Monday amid fall in precious metal rates in the global markets, according to HDFC Securities.

The yellow metal had ended at Rs 72,650 per 10 grams in the previous session.

Silver prices also tumbled Rs 800 to Rs 92,900 per kg. In the previous session, it had closed at Rs 93,700 per kg.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,450 per 10 grams, down by Rs 200 against the previous close," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at USD 2,320 per ounce, down USD 6 from the previous close.

Gold resumed trading on a negative note due to a shift in market sentiment and a decrease in demand for safe haven assets following the possibility of a ceasefire in Gaza, Gandhi said.

In addition, silver also went lower at USD 30.19 per ounce. It had settled at USD 30.37 per ounce in the previous session.

"Gold continues to consolidate in a range after the US Personal Consumption Expenditures (PCE) inflation data, last week failed to give any clear direction on the Fed's policy path.

"In the week ahead, important data points are lined up from manufacturing/ services PMI from across regions to US Nonfarm Payroll/employment data on Friday, all of which may give some more clarity global economy," Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services Ltd, said.