The bullion prices in New Delhi fell by over Rs 500 per 10 grams in the past one week, while Sensex and Nifty saw a surge. Though gold prices rose by Rs 35 on Wednesday, the bullion was on a downward spiral for week or so. The prices hovered around Rs 30,000 last week while they closed at Rs 29,435 on Wednesday, a fall of over 500 in mere six sessions.
These are the five things you should know about gold prices
1 Gold prices on Wednesday made a turnaround after six days of losses, recovering by Rs. 35 to Rs. 29,435 per 10 grams at the bullion market on scattered buying by local jewellers at prevailing levels. In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs. 35 each to Rs. 29,435 and Rs. 29,285 per 10 grams, respectively. The precious metal had lost Rs. 850 in the previous six days.
2. Gold prices fell for the sixth straight day, plunging by Rs 180 to over four-month low of Rs 29,400 per 10 grams at the bullion market on Tuesday, hurt by a sluggish trend overseas and lower demand from jewellers.
3. Gold prices on Monday fell by Rs 70 to Rs. 29,580 per ten gram on muted demand from local jewellers and retailers even as the metal showed some strength overseas.
4. Gold prices on Saturday fell by another Rs 100, mostly on account of slack demand from local jewellers, ignoring a firm trend overseas. In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs. 100 each to Rs. 29,650 and Rs. 29,500 per 10 grams, respectively.
5. Gold prices on December 7 fell below the Rs 30,000 mark, falling by Rs 100 to trade at over three-month low of Rs 29,950 per 10 grams at the bullion market, tracking a weak trend overseas amid muted demand from local jewellers