Gold Prices Slide on Weak Overseas Trends and Rising US Bond Yields

Gold prices in India's capital dropped for the third consecutive day due to weak overseas trends and rising US bond yields. In contrast, a weakening dollar supported the metal somewhat. Silver prices also witnessed a decline, breaking a four-day upward trend.

Gold prices in the national capital have fallen for three days straight, decreasing by Rs 150 to Rs 88,750 per 10 grams on Monday. This decline aligns with weak trends observed in overseas markets, according to data released by the All India Sarafa Association.

Previously, the precious metal was priced at Rs 88,900 per 10 grams. Gold of 99.5 percent purity also saw a reduction, dropping by Rs 150 to Rs 88,350 per 10 grams.

Silver prices halted their four-day winning streak, declining by Rs 250 to Rs 99,250 per kilogram. The international market mirrored this trend with Comex gold futures for April delivery declining by 0.32 percent to USD 2,904.80 per ounce. Spot gold fell by 0.13 percent to USD 2,905.31 per ounce, while silver futures for May delivery traded lower at USD 32.80 per ounce. The drops come amidst profit-taking from recent highs and a rising US bond yield. However, the weakening dollar, now at a five-month low, continues to offer support for both gold and silver.