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Gold Prices Fall Sharply For Second Day: 5 Things To Know

The drop in domestic gold prices comes amid muted demand from jewellers and weakness in international market, say traders.

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Gold Prices Fall Sharply For Second Day: 5 Things To Know

Gold prices today in the global market moved back towards a year-low

New Delhi: Gold prices today came below the Rs 32,000 mark in Delhi. Gold prices today fell by Rs 240 to 31,780 per 10 grams at the bullion market in Delhi, news agency Press Trust of India reported. The drop in domestic gold prices comes amid muted demand from jewellers and weakness in international market, say traders. Gold prices in the global market moved back towards a year-low, on the back of rising US bond yields and concerns over political risk in Italy holding the dollar index near its 2018 peak. Gold prices had fallen over Rs 400 in Wednesday's trade.

Here are five things to know about gold prices today:


1. Domestic gold prices: Gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 240 each to Rs 31,780 and Rs 31,630 per 10 grams in Delhi respectively, Press Trust of India reported. Gold prices had come down by Rs 430 to Rs 32,020 per 10 grams at the bullion market the previous day.

(Also read: Revamped SBI gold deposit scheme)

2. Domestic silver prices: On the other hand, silver ready recovered by Rs 100 to Rs 40,750 per kg. Mild gains for silver came amid scattered enquiries from industrial units and coin makers.

(Also read: Should you invest in gold?)

3. Global gold prices: In the international market, gold prices have fallen over 2 per cent so far this week. Spot gold was down 0.1 per cent at $1,288.96 an ounce by 3:00 pm, close to the previous day's four-and-a-half-month low of $1,286.20, news agency Reuters reported. US gold futures for June delivery were down $3.40 at $1,288.10, according to the agency.

4. Dollar has been rising against a basket of currencies, including the rupee. Trading in the range of 67.78-67.59 against the US dollar on Thursday, the rupee is down around 6 per cent so far this year against the greenback.

5. Weakness in the rupee against the US currency makes import of gold more expensive. Gold is the second-biggest import item for India after oil. India is the world's second largest consumer of gold.

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