Gold prices declined by Rs 100 per 10 grams on Monday
Gold prices dropped to Rs 32,000 per 10 grams at the bullion market on Monday. Demand was seen easing from local jewelers, despite steady prices in the international gold market, market observers said. Gold prices declined by Rs 100 per 10 grams on Monday while silver shed Rs 100 to RS 39,900 per kilogram on reduced offtake by industrial units and coin makers, news agency Press Trust of India reported. A slowdown in buying by jewellers and retailers at prevailing levels at the domestic spot market dampened the sentiment, according to traders.
Here are five things to know about gold and silver prices on Monday:
(With agency inputs)
- In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted lower by Rs 100 each to Rs 32,000 and Rs 31,850 per 10 grams, respectively, Press Trust of India reported.
- Gold had gained by Rs 300 in Saturday's trade. Both gold and silver rebounded smartly last week following renewed buying from stockist and retailers on the back of seasonal offtake amid bullish global cues.
- Silver ready declined by Rs 100 to Rs 39,900 per kg on Monday, while weekly-based delivery edged up by Rs 25 to Rs 38,950 per kg. Silver coins fell by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
- International gold prices steadied, surrendering gains made in earlier trade on the back on the weekend's air strikes on Syria, as financial markets wagered the latest US-led intervention would not escalate into a wider conflict, news agency Reuters.
- Spot gold was at $1,344.34 an ounce in recent trade, little changed from late on Friday but off an earlier peak of $1,348.69. US gold futures were 0.1 per cent lower at $1,346.80 an ounce.