India imports 800-900 tonnes of gold every year.
In the international market, gold was trading lower at USD 1,951 per ounce, while silver was flat at USD 24.83 per ounce.
Gold prices declined Rs 50 to Rs 59,950 per 10 gram in the national capital on Monday amid a fall in yellow metal prices internationally, according to HDFC Securities.
The precious metal had closed at Rs 60,000 per 10 gram in the previous trade.
However, silver prices remained flat at Rs 76,400 per kilogramme.
Gold retreated on Monday, with spot gold prices in the Delhi markets trading at Rs 59,950/10 gram, down by Rs 50 per 10 gram, taking cues from overseas markets, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
In the international market, gold was trading lower at USD 1,951 per ounce, while silver was flat at USD 24.83 per ounce.
Gold trades steady as the dollar strengthened, while investors largely bet on the US Federal Reserve hitting the brakes soon on interest rate hikes, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
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