Gold prices down Rs 122, silver up Rs 587 in line with the weak international market

Gold prices on Monday (March 8) fell by Rs 122 to Rs 44,114 per 10 grams in the national capital, in line with the weak international market trend, according to HDFC Securities.

The precious metal had closed at Rs 44,236 per 10 grams in the previous trading session.

Silver, on the other hand,  rose by Rs 587 to Rs 65,534 per kg as compared to the previous close of Rs 64,947 per kg.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot prices for 24 karat gold at Delhi fell Rs 122 in line with weak in COMEX (New York-based commodities exchange) gold prices."

Speculators cut their bullish positions in COMEX gold and silver contracts in the week to March 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday (March 5). Silver rose 0.8 per cent to $25.38 an ounce. Palladium climbed 0.4 per cent to $2,348.44. Platinum gained 0.7 per cent to $1,137.42, as said by Reuters.

In the international market, gold was trading lower at USD 1,699 an ounce and silver was however up at USD 25.31 an ounce.