Gold Prices Decline On Low Demand, Global Cues: 5 Things To Know

NDTV Profit Team

01 Mar 2019, 05:54 PM IST

Sovereign gold, too, fell by Rs 100 to Rs 26,500 per piece of 8 gram.

Gold prices fell by Rs 120 to Rs 34,080 per 10 gram at the bullion market on Friday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Sentiments remained downbeat largely in tandem with a weak trend overseas where gold retreated to a two-week low as upbeat US economic data boosted the dollar, diminishing appeal of the precious metal as a safe-haven, traders were quoted as saying in the PTI report. Silver rates also dropped on Friday by Rs 370 to Rs 40,680 per kg due to reduced offtake by industrial units and coin makers.

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 purity declined by Rs 120 each to Rs 34,080 and Rs 33,910 per 10 gram, respectively.

2. The precious metal had lost Rs 450 on Thursday.

3. Sovereign gold, too, fell by Rs 100 to Rs 26,500 per piece of 8 gram.

4. Globally, spot gold fell by 0.28 per cent to$ 1,310.20 an ounce and silver by 0.22 per cent to $15.64 an ounce in New York on Friday. Traders attributed the subdued trend in the precious metal to lacklustre demand from local jewellers.

5. Silver ready dropped by Rs 370 to Rs 40,680 per kg and weekly-based delivery by Rs 724 to Rs 39,144 per kg. Silver coins, too, faced some pressure and fell by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

(With inputs from agencies)