Gold Prices Drop By 330 Rupees: 5 Things To Know

Gold prices dropped by Rs 330 to Rs 34,500 per 10 gram at the bullion market on Friday, tracking a weak trend overseas amid subdued demand from local jewellers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver rates also followed suit and weakened by Rs 300 to Rs 41,360 per kg, owing to reduced offtake by industrial units and coin makers. On Thursday, gold rates had advanced by Rs 360 and silver prices had declined by Rs 140.

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

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purities declined by Rs 330 each to Rs 34,500 and Rs 34,350 per 10 gram, respectively. 

2. Weak trend overseas and easing demand from jewellers at the domestic markets led to the decline in gold prices, traders were quoted as saying in the PTI report.

3. Sovereign gold, meanwhile, remained flat at Rs 26,600 per piece of 8 gram. 

4. Globally, gold traded lower at $1,325.24 an ounce and silver was trading down at $15.80 an ounce in New York. 

5. In tandem with gold, silver ready declined by Rs 300 to Rs 41,360 per kg and weekly-based delivery by Rs 343 to Rs 40,158 per kg. Silver coins also dropped by Rs 1,000 at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces due to weak demand, according to PTI report.

(With inputs from agencies)