Gold Silver Rates Today: Gold prices fall after hitting 5-month high

Gold prices today in Delhi for 24-carat slipped Rs 300 per 10 gram to Rs 61,450.

Spot gold was down 0.4 per cent at $1,972.39 per ounce by 0334 GMT, and US gold futures slid 0.5 per cent to $1,983.50. (File image)

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Gold Silver Rates Today (October 23): Gold prices fell on Monday after hitting a 5-month high in the last session. Gold prices today in Delhi for 24-carat slipped Rs 300 per 10 gram to Rs 61,450.

For 22-carat gold, the precious metal’s price fell by Rs 250 to Rs 56,350.

Spot gold was down 0.4 per cent at $1,972.39 per ounce by 0334 GMT, and US gold futures slid 0.5 per cent to $1,983.50.

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The precious metal rates on Friday hit the highest since mid-May, and surged nearly 9 per cent over the past 2 weeks as investors rushed to invest in the safe haven against the backdrop of escalating Israel-Hamas war.

World’s largest gold-backed exchange-traded fund — SPDR Gold Trust — said its holdings rose 1.8 per cent on Friday.

“Gold prices have been riding on safe-haven flows from the Middle East conflict lately, and focus on humanitarian aid and securing hostage releases seems to suggest that a potential ground invasion from Israel can wait,” IG market strategist Yeap Jun Rong told Reuters.

“That may contain the risks of further escalation, at least for now, which may drive some near-term unwinding in prices, although any conflict escalation could easily renew traction in the safe-haven.”

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On the other hand, silver prices fell by Rs 200 per kg to trade at Rs 75,100 today.

Spot silver fell 0.5 per cent to $23.23 an ounce.

(With Reuters’ inputs)