New Delhi | Jagran Biz Desk: Prices of Gold and Silver dropped Rs 300 per 10 grams and Rs 1400 per kg respectively on the bullion market in Delhi in the absence of demand and a stronger rupee, as per HDFC Securities.

Gold prices declined to Rs 39,225 while Silver prices stood at Rs 48,500.

"Spot gold prices for 24 carat (99.9 percent purity) in Delhi was trading down by Rs 300 in the absence of physical demand and a stronger rupee," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

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He added that the festival demand has not picked up yet in the physical market due to higher gold prices.

The rupee appreciated 14 paise to 71.58 against the US dollar in early trade on Monday as China's easing move and rate cuts hopes of the US Fed enthused investors.

In the international market, gold was trading flat at USD 1,506 per ounce in New York, while silver traded lower at USD 18.05 an ounce.

"Gold prices are expected to trade in a corrective phase in near term awaiting clarity on US Federal Reserve rate and progress on US-China trade talks," Patel added.

On Saturday, gold had closed at Rs 39,525 per 10 gram, while silver at Rs 49,900 per kilogram.

(with PTI inputs)

Posted By: James Kuanal