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Gold Prices Break 4-Day Rising Streak, Silver Rates Follow

Gold prices were hurt by weakness in the dollar against a basket of currencies. A weak dollar makes dollar-priced gold cheaper for non-US investors.

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Gold Prices Break 4-Day Rising Streak, Silver Rates Follow

Gold prices today: The yellow metal declined after four sessions of gains

Gold prices declined by Rs 100 in Delhi on Monday amid steadiness in international rates. A fall in demand from local jewellers pulled domestic gold prices lower, according to traders. With the decline of Rs 100, gold prices came below the key level of Rs 32,000 per 10 grams, news agency Press Trust of India (PTI) reported. Weakness in the dollar against a basket of currencies also hurt gold prices. A weak dollar makes dollar-priced gold cheaper for non-US investors.

Here are five things to know about gold prices today:


1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 31,950 and Rs 31,800 per 10 gram respectively, Press Trust of India reported. Gold prices had gained by Rs 450 in the past four sessions.

2. Silver cracked below the Rs 41,000 per kilogram mark by plunging Rs 650 to Rs 40,450 per kg.

3. Globally, gold traded steady with investors awaiting key central bank policy meetings and the United States-North Korea summit this week for direction. Spot gold was steady at $1,297.75 per ounce at 12:49 pm, while US gold futures for August delivery were 0.1 per cent lower at $1,301.60 per ounce, news agency Reuters reported. The dollar index, which measures the greenback against a basket of six major currencies, fell 0.2 per cent.

4. Investors awaited outcome of the upcoming US Federal Reserve policy meeting, starting on Tuesday. The US central bank is anticipated to raise interest rates in the world's largest economy. Markets are also keeping a close eye on the historic summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore on Tuesday.

5. The rupee gained as much as 22 paise to hit an intraday high of 67.28 against the US dollar. Last Friday, the rupee had settled at 67.50 - the lowest closing level in more than a week.

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