New Delhi: Gold prices slipped today below Rs 32,000 level, weighed down by sluggish demand and weak global clues. Silver prices also fell sharply today to plunge below the Rs 41,000 mark. Muted demand from local jewellers as well as retailers at the domestic spot market put downward pressure on gold prices for the second day. On the global front, political and trade tensions may support gold prices to a certain extent, but prospects on an interest rate hike from the US Federal Reserve later this month may cap upside, say analysts.
Here are 5 things to know about gold, silver prices today:
1) In Delhi, gold of 99.9 per cent and 99.5 per cent purity today declined by Rs 100 each to Rs 31,900 and Rs 31,750 per 10 grams respectively. Gold prices had slipped Rs 90 on Thursday.
2) Sovereign, however, remained flat at Rs 24,800 per piece of eight grams, the report said.
3) Silver ready plunged by Rs 450 to Rs 40,600 per kg and weekly-based delivery shed Rs 445 to Rs 39,680 per kg.
4) Silver coins were however steady, at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
5) In global markets, gold prices were steady on renewed fears of a global trade war, while a firm dollar and positive US economic data weighed on the market. Spot gold was nearly unchanged at $1,298.29 per ounce but overall on a weekly basis prices are down slightly this week. On Thursday, the US sparked trade tensions after it went ahead with tariffs on aluminium and steel imports from Canada, Mexico and the European Union, ending the two-month exemption it had given earlier.