On Monday, gold suffered in the futures trade market as currencies and equity markets gained, shifting traders' bets away from the metal. In the international market, the yellow metal was trading near its two-week low of $1,274.51 an ounce it hit on Friday, after data showed American consumer sentiment jumped to a 15-year high in early May amid growing confidence over US economy's outlook. Spot gold was broadly unchanged at $1,276.79 per ounce in the morning session.
In the Indian market, equity benchmark indices made solid gains post the exit poll results that indicated a landslide victory for the BJP-led NDA in the Lok Sabha 2019 elections.
Further, the rupee rose sharply against the US dollar. It was trading 64 paise higher at 69.58 per dollar from its previous close.
Gold prices ease on rupee's gains as it makes the US dollar-traded metal cheaper for buyers in the domestic currency.
Gold prices in major cities
Gold prices per 10 grams of 22 carats were decreased to Rs 30,190 in Chennai, Rs 31,000 in Mumbai, Rs 30,850 in Delhi and Rs 31,070 in Kolkata.
MCX Gold was trading Rs 321 lower at Rs 31470 per 10 grams on Monday morning.
Silver rates also declined, in sync with gold and, a fall in demand from industrial units and coin makers.
MCX Silver was trading around Rs 36,228 a kilogram on Monday morning, down by Rs 349. At the retail stores, it has been priced at Rs 40,110 a kg.