Gold prices Monday declined by Rs 130 to Rs 34,140 per 10 gram in the bullion market here on reduced demand from jewellers and a weak global trend amid easing trade tension between the US and China that dented the precious metal's appeal as safe haven, according to the All India Sarafa Association.
Globally, gold was trading lower at USD 1,387.09 an ounce, while silver was quoting lower at USD 15.17 an ounce in New York.
"Spot gold in the international market slid to USD 1,388.09 an ounce today, its lowest level in more than one week. Reports that the US and China agreed to restart trade talks prompted investors to bet on riskier assets that dented gold's appeal as a safe haven asset," said Hareesh V, Head-Commodity Research, Geojit Financial Services.
"A strong dollar which rallied to one-week high also pressurised prices," he said
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