Gold slides Rs 500 as oil surges, strong US dollar weigh on bullion

Gold began the week on the back foot, falling Rs 500 to Rs 1,55,400 per 10 gram in the national capital on Monday as a sell-off in global markets gathered pace amid a sharp rise in crude oil prices and the US dollar.

The yellow metal of 99.9 per cent purity had closed at Rs 1,55,900 per 10 gram on Friday. However, silver bucked the trend and held steady at Rs 2,34,600 per kilogram (inclusive of all taxes), according to local traders.

Globally, spot gold declined $57.22, or 1.3 per cent, to $4,291.71 per ounce and silver tumbled nearly 3 per cent to $62.82.