Gold drops Rs 1,300 to Rs 81,100 per 10 gm; silver plummets Rs 4,600

PTI New Delhi: Gold prices retreated from record high in the national capital on Monday, declining Rs 1,300 to Rs 81,100 per 10 grams following fresh selling by stockists and retailers, according to the All India Sarafa Association. The precious metal of 99.9% purity had traded flat at Rs 82,400 per 10 grams its all-time high on Thursday. Silver also remained under selling pressure and slipped below the Rs 95,000- mark, depreciating Rs 4,600 to Rs 94,900 per kg. It had closed at Rs 99,500 per kg on Thursday. Traders said tepid demand from jewellers and retailers in local markets weighed on gold prices. Prices of gold of 99.5% purity decreased Rs 1,300 to Rs 80,700 per 10 grams.

The yellow metal had closed at Rs 82,000 per 10 grams its all time high in the previous session on Thursday. In futures trade on the Multi Commodity Exchange (MCX) on Monday, gold contracts for December delivery fell Rs 329, or 0.42%, to trade at Rs 78,538 per 10 gram. "Gold prices experienced volatility as Comex gold found support near $2,730 but struggled to break above $2,750.

"With the US election results due in the next two days, market participants are expected to have mixed sentiments, likely resulting in a range-bound session between Rs 78,000 and Rs 79,000 in MCX," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. Last week, the yellow metal had hit a lifetime high of Rs 79,775 per 10 grams. Silver contracts for December delivery decreased Rs 412, or 0.43 per cent, to Rs 95,071 per kg on the MCX. Globally, Comex gold futures rose 0.13%, or $3.6 per ounce, to $2,752.80 per ounce.