Gold on Monday traded marginally up by Rs 22 to Rs 45,063 per 10 gram in the national capital amid concerns of global economic slowdown.
In the previous trade, the precious metal had closed at Rs 45,041 per 10 gram, according to HDFC Securities. Silver prices fell by Rs 710 to Rs 47,359 per kg as compared to the previous close of Rs 48,069 per kg. "Spot gold of 24 karat in Delhi were trading marginal up by Rs 22," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
He said gold prices traded up on concerns of global economic growth after crude oil prices plunged by more than 30 per cent. "Gold prices may trade in the upper trading range amid ongoing oil market turmoil and carnage in global equity markets." Gold prices may get support from lower interest rates and fall in bond yields fetching safe haven investment, he said.
Meanwhile, in the domestic equity market, the Sensex plummeted over 1,941 points on Monday, wiping off investor wealth worth around 7 lakh crore, following meltdown in global markets led by heightened volatility due to rapidly-spreading coronavirus and free fall in oil prices. In the international market, gold was trading with gains at USD 1,680 per ounce and silver at USD 16.82 per ounce.
On the Multi Commodity Exchange, gold prices for April delivery fell by Rs 73, or 0.17 per cent, to Rs 44,085 per 10 gram in a business turnover of 6,597 lots. The yellow metal for June delivery declined by Rs 111, or 0.25 per cent, to Rs 44,472 per 10 gram in 937 lots.
Analysts said subdued overseas cues influenced sentiments. Globally, gold was trading 0.46 per cent lower at USD 1,664.70 per ounce in New York.