Gold falls to ₹1.49 lakh, silver gains on global cues
Gold took a hit on Monday, slipping nearly 1% on the MCX as a stronger US dollar and high bond yields weighed it down.
December gold dropped by ₹1,020 to ₹1.49 lakh per 10gm, continuing last week's downtrend.
Meanwhile, silver went the other way and climbed 0.54% to ₹2.27 lakh per kg thanks to upbeat global cues.
High Treasury yields cloud gold outlook
Gold's future is looking hazy right now, with mixed signals from the US economy and those stubbornly high Treasury yields.
Ashish Rajodiya, Head - Commodities at PL Capital, expects gold to hover between ₹1.45 lakh and ₹1.51 lakh per 10gm in the near term.
Globally, weak US jobs data is helping keep prices above $4,150 an ounce, but as Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, points out, Treasury yields around 5.2% are making it tough for gold to bounce back much further.