Gold prices decline by ₹120 while silver prices plunge by ₹500 amid weak global trends

Gold prices eased by ₹120 to ₹60,580 per 10 grams in the national capital on Monday amid weak global trends.

The price of the precious metal had settled at ₹60,700 per 10 grams in the previous trade. Silver also plunged by ₹500 to ₹73,600 per kg.

"Spot gold prices in the Delhi markets traded at ₹60,580 per 10 grams, down ₹120 per 10 grams," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the international market, spot gold was up 0.1% to $1,978.89 per ounce by 1020 GMT, while US gold futures steadied at $1,982.10.

"Comex gold traded lower in Asian trading hours on Monday as markets struggled for direction and traders cautiously awaiting updates from the US debt ceiling negotiations," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Gold prices inched higher on Monday on a softer dollar, while some traders remained on the sidelines as they looked for more clarity around the US debt ceiling negotiations and the Federal Reserve's interest rate path.

The dollar index eased slightly making gold less expensive for overseas buyers.

The rupee fell 18 paise to close at 82.85 (provisional) against the US dollar on Monday, weighed down by a strong greenback in the overseas market.