Gold Prices Fall On Low Demand: 5 Things To Know

Gold prices fell by Rs 100 to Rs 33,150 per 10 grams at the bullion market on Tuesday reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The fall came on subdued demand from local jewellers and diversion of funds to rising equity market despite positive trend overseas. Silver, however, gained Rs 50 to Rs 39,580 per kg on increased uptake by industrial units and coin makers. Low demand from domestic jewellers and investors' increased focus on equities pulled down the prices of the yellow metal, said the report citing traders. 

Here are 5 things to know about gold, silver prices:

1. Domestic stock markets surged for second day in a row on Tuesday. The S&P BSE Sensex rose 481.56 points to close at 37,535.66, and the NSE Nifty 50 Index climbed 133.15 points to 11,301.20.

2.  In Delhi, gold of 99.9 per cent and 99.5 per cent purities slumped Rs 100 each to Rs 33,150 and Rs 32,980 per 10 grams, respectively. Sovereign, however, remained flat at Rs 26,400 per piece of 8 grams.

3. Globally, gold prices rose on Tuesday as the dollar weakened against the pound after the European Commission accepted amendments to the UK's Brexit deal, although gains were limited as the agreement also buoyed sentiment for riskier assets, reported news agency Reuters.    

4. Spot gold rose 0.1 per cent to $1,294.90 per ounce in intraday trade, while US gold futures added 0.3 per cent to $1,294.70 an ounce.        

5. Silver ready, on the other hand, rose Rs 50 to Rs 39,580 per kg, whereas weekly-based deliveries fell Rs 55 to Rs 38,660 per kg. Silver coins, meanwhile, held steady at previous levels of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With agency inputs)