Gold prices have declined by Rs.105 to Rs.59,975 per 10 grams in New Delhi on May first, amid a fall in prices of Gold internationally. The Gold price settled at Rs.60,080 per 10 grams in the previous trade.
Spot gold prices in the national capital traded at Rs.59,975 per 10 grams, down Rs.105 per 10 grams," analysts said.
In the international market, silver was trading higher at USD 25.12 per ounce while gold was quoted lower at $1,981 per ounce.
As the US dollar remained steady on Monday, gold prices declined as cautious traders awaited the Federal Reserve's decision to raise interest rates later this week.
During intraday, spot gold was down 0.5% to $1,980.78 per ounce. To $1,989.20, U.S. gold futures declined 0.5%.
Since the dollar index increased, foreign investors now pay more for bullion with a greenback price. On May 2-3, the Federal Open Market Committee (FOMC) will meet, and most investors anticipate a 25 basis-point increase in interest rates.
Data released on Friday showed that while underlying inflation pressures remained high and U.S. consumer spending remained stable in March, the U.S. central bank may decide to raise interest rates.
Although gold is renowned as an inflation hedge, its appeal is generally diminished as interest rates rise. As investors grew more concerned about the state of the U.S. banking system, gold prices increased by more than 1% in April.
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