Gold prices on Tuesday drifted lower by Rs 100 to Rs 32,770 per 10 grams, owing to weak demand from jewellers tracking subdued trend overseas, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver also declined by Rs 145 to Rs 38,425 per kg on reduced offtake by industrial units and coin makers. The fall in domestic demand and weak trend overseas led to a decline in prices of yellow metal, said the PTI report citing traders. On Monday, gold had surged by Rs 200 on the back of higher crude rates amid escalating tensions between the US and Iran.
Here are 5 things to know about gold, silver prices:
1. Globally, gold prices inched back towards last week's four-month low on Tuesday as a firmer dollar and ongoing preference for riskier assets took the sheen off the metal traditionally seen as a safe-haven, reported news agency Reuters.
2. Spot gold was 0.14 per cent lower at $1,272.89 per ounce in intraday trade. US gold futures trimmed 0.2 per cent to $1,274.70 an ounce.
3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity lost Rs 100 to Rs 32,770 and Rs 32,600 per 10 grams, respectively.
4. Sovereign gold held steady at Rs 26,400 per eight grams.
5. Silver ready dropped Rs 145 to Rs 38,425 per kg, while weekly-based delivery dropped Rs 207 to Rs 37,320 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
(With agency inputs)
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