Gold prices fall by Rs 245 to Rs 29,250 on global cues

Gold became cheaper by Rs 245 per gm in the physical market on Monday in the morning trading session. The yellow metal was trading at Rs 29250 per 10 gm as compared to Friday’s closing of Rs 29495 per 10 gm, a drop of 0.83%.

A drop in international prices coupled with strengthening of rupee against dollar resulted in a drop in prices.

In the international market gold hit its lowest in nearly two weeks on Monday after centrist candidate Emmanuel Macron won the first round of French presidential election, boosting stocks and sparking a sell-off in the safe-haven bullion.

Spot gold was down 0.7 percent at $1,275.46 per ounce after falling to a low of $1,265.90 earlier in the session. US gold futures were down nearly 1 percent at $1,277.30 an ounce.

The Indian rupee on Monday strengthened against the US dollar. The rupee opened at 64.51 a dollar. At 12.50 pm the rupee was trading at 64.37 a dollar, up 0.21% from its Friday’s close of 64.61.