Gold Prices Edge Lower On Tepid Demand: 5 Things To Know

Gold eased by Rs 30 to Rs 34,050 per 10 grams at the bullion market on Wednesday on subdued demand from local jewellers even as the yellow metal strengthened overseas reported news agency Press Trust of India (PTI). Silver also fell by Rs 200 to Rs 40,800 per kg on reduced enquiries from industrial units and coin makers. The fall in gold prices has been mostly attributed to sluggish demand from local jewellers as well as retailers, but a firming trend overseas limited the fall, said the report citing marketmen.

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

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purities shed Rs 30 each to Rs 34,050 and Rs 33,900 per 10 grams, respectively. The precious metal had lost Rs 200 in the previous two days.    

2. Sovereign gold, however, maintained at Rs 26,100 per piece of 8 grams in limited deals.

3. Globally, gold firmed slightly on Wednesday as investors held onto the safe-haven metal while seeking more clarity on Sino-US trade talks, and as volatility in the dollar provided further support, reported news agency Reuters.

4. Spot gold was up 0.2 per cent at $1,312.82 per ounce in intraday trade, while US gold futures gained 0.2 per cent to $1,316.2 an ounce.    

5. In line with overall trends, silver ready fell by Rs 200 to Rs 40,800 per kg and weekly-based delivery dropped by Rs 205 to Rs 39,624 per kg. Silver coins, however, remained flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces. 

(With agency inputs)