The safe-haven attractiveness of gold was diminished by an increase in risk aversion on Monday in the international markets as a result of Swiss lender UBS's agreement to acquire rival Credit Suisse as part of a rescue drive to control a banking crisis and stabilise the world's financial markets.
Gold prices dropped by Rs 540 from Saturday's close during Monday's early trade, with 10 grams of 24-carat gold trading at Rs 59,780. Silver prices also fell by Rs 300 with 1kg selling at Rs 71,800.
The price of 10 grams of 22-carat gold also remained unchanged with the yellow metal trading at Rs 54,800, according to the GoodReturns website.
Citywide breakdown
In Mumbai, Kolkata, and Hyderabad, 10 grams of 22-carat and 24-carat gold are trading at Rs 54,800, and Rs 59,780, respectively.
In Delhi, Bengaluru, and Chennai, 10 grams of 22-carat gold is at Rs 54,950, Rs 54,850, and Rs 55,600, respectively.
In Delhi, Bengaluru, and Chennai, 10 grams of 24-carat gold is at Rs 59,930, Rs 59,830, and Rs 60,650, respectively.
Spot gold was down 1% at $1,969.14 per ounce, as of 01:05 GMT, after earlier in the day reaching its highest level since April 2022. U.S. gold futures increased by 0.2% to $1,977.60.
Spot silver gained 0.71% to $22.49 per ounce, platinum shed 0.72% to $968 and palladium fell 0.15% to $1,343.
In Delhi, Mumbai, and Kolkata, the price of 1 kg of silver is Rs 71,800.
In Bengaluru, Chennai, and Hyderabad, the price of 1 kg of silver is Rs 74,000.
At 9.56 am, the price of gold on the Multi Commodities Exchange (MCX) was down 0.02 % to Rs 59,372 for 10 grammes, while the price of silver down 0.19 % to Rs 68,372 for a kilogramme.
