Gold prices came under pressure on Monday as Spot Gold prices declined almost 2 percent.
Prices succumbed to a stronger dollar as it makes dollar-denominated commodities look expensive for holders of other currencies.
Concerns over the European debt crisis continue and this has dented risk appetite globally. Investors remain cautious ahead of two important rate decisions during the week and even though gold is considered as a safe-haven asset, at this point in time the commodity is not getting support from the same. Prices are mainly taking direction from risk sentiments in the global financial markets.
Silver
Spot Silver prices slipped more than 3 percent on Monday and bears are expected to dominate this metal for the time-being as it is taking cues from various factors.
Apart from being a precious metal, it is also an industrial metal and any negative news over the global economy basically threatens demand for the same, thus leading to downside pressure on prices.
Apart from this, prices were also under pressure yesterday on account of a stronger dollar.
Courtesy: Angel Commodities
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