Gold Prices Lose Over 200 Rupees, Silver Rates Follow Suit: 5 Things To Know

Bucking strong global cues, gold prices slipped by Rs 210 to Rs 31,850 per 10 grams on Wednesday amid poor local demand, reported news agency Press Trust of India. The slide in gold prices came due to easing demand from local jewellers and retailers in the domestic spot market, said marketmen. Silver prices followed suit by shedding Rs 435 due to reduced offtake by consuming industrial units. The yellow metal had gained Rs 60 to Rs 32,060 per 10 grams on Tuesday.

Here are five things to know about gold and silver prices today:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purities declined by Rs 210 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively.

2. In sync with gold, silver ready traded lower by Rs 435 to Rs 37,880 per kg, while weekly-based delivery fell by Rs 448 to Rs 37,433 per kg. Silver coins, however, were unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

3. Sovereign, however, held steady at Rs 25,000 per 8 grams.

4,. In global markets, gold prices climbed to a more than five-month peak as a softer dollar supported the bullion while investors awaited cues on the rate hike trajectory of the US central bank from its two-day policy meeting, reported news agency Reuters.

5. Spot gold was up 0.1 per cent at $1,250.56 per ounce, as of 1:53 pm, after hitting its highest since July 11 at $1,251.35 earlier in the session. (With inputs from agencies)