Tepid demand from jewellers pulled down gold prices by Rs 50 to Rs 32,670 per 10 grams on Tuesday, reported news agency Press Trust of India quoting the All India Sarafa Association. Silver too shed a marginal Rs 10 to trade at Rs 38,120 per kg. Fall in demand from local jewellers and retailers at the domestic spot market led to the dip in gold prices despite Akshaya Tritiya, a day considered auspicious to buy gold, said the report citing traders. Gold prices had gained by Rs. 75 to Rs. 32,720 per 10 grams on Monday.
Here are five things to know about gold and silver prices on Akshaya Tritiya:
1. Globally, gold prices edged higher on Tuesday as investors moved away from riskier assets after US President Donald Trump threatened to hike tariffs on Chinese imports, resurfacing trade tensions and in turn lifting demand for the safe-haven metal, reported news agency Reuters.
2. Spot gold was up 0.1 per cent to $1,281.65 per ounce, in intraday trade. US gold futures fell 0.1 per cent to $1,282.70 an ounce.
3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 50 to Rs 32,670 and Rs 32,500 per 10 grams, respectively. Sovereign gold held steady at Rs 26,400 per eight grams.
4. Silver ready fell by Rs 10 to Rs 38,120 per kg and weekly-based delivery gained Rs 44 to Rs 37,334 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
5. The occasion of Akshaya Tritiya, an auspicious day for investing in gold, has also led to jewellers offering up to 30 per cent discount on sale of gold jewellery.
(With agency inputs)
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