New Delhi | Jagran Business Desk: On the first day of the week, Gold and Silver prices recorded a significant decrease in the domestic market. Gold prices decreased by Rs 553 per 10 grams whereas the silver prices continued showing a downward trend all through Monday by Rs 501 per kg.

According to the prices released by India Bullion and Jewellers Association (IBJA) on Monday, the 24 Carat Gold prices decreased to Rs 48,475 per 10 gm. Whereas a kilogram of Silver was priced at Rs 71,638.

The decline in gold prices is being credited to the delayed outcomes of the US Federal Reserve policy meeting due to which the yellow metal is trailing all over the world.

"The market is starting to anticipate maybe a modest pivot towards discussing taper and it's sending investors into more of an either profit-taking or reducing gold and also currency positions," Stephen Innes, Managing Partner at SPI Asset Management, was quoted as saying by news agency Reuters.

Price in physical markets to reflect in a day or two: Experts

The price movement in the physical markets, price movements are slower than the one in the exchange. Experts told business portals on Monday that lower prices will start reflecting in the physical markets in a day or two.

As for prices in Dubai, 24 Carat Gold was trading at AED 226 (4,502.60 Indian Rupees) per gram while 22 Carat Gold was trading at AED 212.25 (44,228.57 Indian Rupees), according to Dubai Gold and Jewellery Group (DGJG) website.

Internationally, the spot prices of Gold and Silver saw correction with Gold rallying around USD 1867 and silver at USD 27.60.

The strong US dollar and CPI inflation have been reported to be the chief contributors to the continued weak trajectory of Gold and Silver, for the third week straight.

Posted By: Mukul Sharma