Gold Prices Drop Rs 300; Silver Tumbles Rs 1,400
Silver was also on weak ground, tumbling Rs 1,400 to Rs 48,500 per kilogram
He added that the festival demand has not picked up yet in the physical market due to higher gold prices. The rupee appreciated 14 paise to 71.58 against the US dollar in early trade on Monday as China's easing move and rate cut hopes by the US Fed enthused investors.
In the international market, gold was trading flat at USD 1,506 per ounce in New York, while silver traded lower at USD 18.05 an ounce. "Gold prices are expected to trade in a corrective phase in near term awaiting clarity on US Federal Reserve rate and progress on US-China trade talks," Patel added. On Saturday, gold closed at Rs 39,525 per 10 gram, while silver at Rs 49,900 per kilogram.
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