Gold declines Rs 325 to Rs 60,925 per 10 gram; silver dips by Rs 965

Gold price declined ~325 to ~60,925 per 10 gram on Monday. In the previous trade, the yellow metal had ended at ~61,250 per 10 gram. Silver also declined ~965 to ~76,315 per kg on Monday. In the overseas market, gold was trading higher at $2,022 per ounce while silver was flat at $25.65 per ounce.

Gold prices traded higher in Asian trading hours on Monday as the yellow metal got support from weaker US dollar.

"Markets are really just discounting the aftermath of last Friday's payrolls report," which came on very strong and knocked gold off its highs, said Daniel Ghali, commodity strategist at TD Securities. Prices are about 3 per cent lower from near record levels reached last week.