Gold prices fell by Rs 100 to Rs 83,000 per 10 gram in the national capital on Monday amid weak global trend, ending the eight-day upward trend in gold. Meanwhile, silver fell by Rs 2,000 to Rs 92,000 per kg due to weak demand from industrial units and coin makers. It had closed at Rs 94,000 per kg on Friday. All India Sarafa Association gave this information. 

Gold may become cheaper now 

Apart from this, the US Federal Reserve and the European Central Bank (ECB) will decide on interest rates on Wednesday and Thursday, which may affect bullion prices. On Friday, gold of 99.9 percent purity rose by Rs 200 to an all-time high of Rs 83,100 per 10 grams in the national capital. On Monday, gold of 99.5 percent purity fell by Rs 100 to Rs 82,600 per 10 grams from Friday's closing price of Rs 82,700 per 10 grams. Globally, Comex gold futures fell by $ 4.40 an ounce to $ 2,802.20 an ounce in the international markets. 

Profit booking dominates after the rally

HDFC Securities Senior Commodity Analyst Saumil Gandhi said, "Gold prices fell on Monday as speculators settled their long-term deals and booked profits after the recent rise. Gold has gained more than five percent so far this month." In the Asian market, Comex silver futures fell 0.79 percent to $ 30.94 an ounce. Gold prices fell by Rs 328 to Rs 79,698 per 10 grams in futures trading on Monday as speculators reduced the size of their deals amid weak global cues. On the Multi Commodity Exchange (MCE), the price of gold contract for delivery in February fell by Rs 328 or 0.41 percent to Rs 79,698 per 10 grams.