Gold Price Steady at Rs 64,200, Silver Drops - HDFC Securities

New Delhi, Mar 4 (PTI) Gold prices remained flat at Rs 64,200 per 10 grams in the national capital on Monday in line with firm global trends, according to HDFC Securities.

However, silver prices plunged Rs 200 to Rs 73,800 per kg, while it had ended at Rs 74,000 per kg in the previous trade.

"Spot gold prices (24 carats) in the Delhi markets are trading flat at Rs 64,200 per 10 grams, unchanged from the previous close," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,084 per ounce, up by USD 2 from the previous close.

Gold prices traded firm on Monday after surging nine-week high on Friday as weakness in the US macroeconomic data pulled the dollar and Treasury yields lower, boosting the precious metal's investment appeal, Gandhi added.

However, silver was trading lower at USD 23.09 per ounce. In the previous close, it had settled at USD 23.12 per ounce.

"Looking ahead, the price outlook remains optimistic, supported by expectations of lower Nonfarm Payroll data compared to the previous month.

"However, market volatility may increase in response to the Federal Reserve Chair Jerome Powell's testimony scheduled for March 6-7, 2024, which could impact gold prices." Jateen Trivedi, VP Research Analyst at LKP Securities, said.