Gold Prices Take a Hit in New Delhi

Gold prices in New Delhi saw a significant decline, dropping by Rs 1,150 to reach Rs 78,350 per 10 grams on Monday. This drop is attributed to extensive selling by stockists and retailers, as reported by the All India Sarafa Association.

Silver Prices Follow Suit

In tandem with gold, silver prices also decreased by Rs 300 to Rs 92,500 per kg. This marks a decline of Rs 4,500 per kg over the last two trading sessions.

Market Sentiment and Future Outlook

Market participants are expressing a negative sentiment, primarily due to uncertainties surrounding US President-elect Donald Trump's economic policies, which could potentially strengthen the US dollar. On the MCX, gold futures for February delivery increased by Rs 143, or 0.19%, reaching Rs 77,279 per 10 grams.

Analysts suggest that gold may continue to trade within a volatile range as markets prepare for a series of major economic events. Safe haven demand continues to support gold prices, limiting downside due to ongoing geopolitical tensions in the Middle East.