Gold in the national capital on Monday plunged Rs 464 to Rs 47,705 per 10 grams reflecting decline in global precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,169 per 10 gram.
Silver also declined Rs 723 to Rs 70,420 per kg, from Rs 71,143 per kg in the previous trade.
In the international market, gold was trading lower at $1,858 per ounce and silver was flat at $27.70 per ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel, "The yellow metal extended decline on a firm dollar. Traders and investors are awaiting fresh triggers from the US FOMC meet on Wednesday."
Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, "Gold prices slipped to more than one-week low, weighed down by a stronger dollar as focus turns to the US Federal Reserve policy meet this week."
Meanwhile, on the Multi Commodity Exchange, gold contracts for the August delivery traded lower by Rs 476, or 0.97 percent, to Rs 48,427 per 10 gram in a business turnover of 11,087 lots.
Analysts attributed the fall in gold prices to trimming of positions by participants.
Globally, gold traded 1.09 percent lower at $1,859.20 an ounce in New York.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities said, “COMEX gold trades lower near $1861/oz as the US dollar held steady and US bond yields recovered amid positioning for Fed meeting this week. Mixed ETF flow and weaker Indian consumer demand also weighed on prices. Gold may remain under pressure amid firmer US dollar however a sharp fall is unlikely as Fed is likely to maintain a dovish stance.”
(With PTI inputs)
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)