Gold Prices Decline On Weak Global Cues

Tracking a weak trend overseas and low demand from jewellers, gold prices on Friday declined by Rs 165 to Rs 35,630 per 10 gram in the national capital, according to the All India Sarafa Association. Silver, however, firmed up by Rs 370 to Rs 41,900 per kg on increased offtake by industrial units and coin makers. Traders said weak global cues influenced sentiment. Besides, easing demand from local jewellers and retailers at domestic spot market weighed on gold prices, they said.    

Globally, spot gold was trading lower at $1,437.30 an ounce in New York after it rose sharply on Thursday. Silver was also down at $16.22 an ounce.    

Gold prices witnessed heavy buying on Thursday after US President Donald Trump imposed 10 per cent tariff on $300 billion worth of Chinese goods from September 1, causing fresh tension among investors over the trade battle between the two largest economies.    

In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell Rs 165 each to Rs 35,630 per 10 gram and Rs 35,460 per 10 gram, respectively.    

Sovereign gold held steady at Rs 27,500 per eight gram. Silver ready rose by Rs 370 to Rs 41,900 per kg, while weekly-based delivery jumped Rs 484 to Rs 41,054 per kg. Price of silver coins held flat at Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.