Gold prices tumbled by Rs 450 to Rs 34,200 per 10 grams at the bullion market Thursday, tracking weak global cues amid fall in demand from local jewellers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver followed suit and dropped by Rs 425 to Rs 41,050 per kg owing to poor offtake by industrial units and coin makers. Sentiments weakened on the back of a subdued global trend where gold fell after dollar rose as investors grew cautious about US trade talks with China, said the report citing traders.
Here are 5 things to know about gold, silver prices:
1. In Delhi, gold of 99.9 per cent and 99.5 purities slumped by Rs 450 each to Rs 34,200 and Rs 34,030 per 10 grams, respectively. Gold prices had gained by Rs. 120 on Wednesday.
2. Sovereign gold, however, remained unaltered at Rs 26,000 per piece of 8 grams.
3. Globally, gold prices on Thursday held near two-week lows touched in the previous session, as the dollar recouped losses after cautious comments from US Trade Representative Robert Lighthizer dented investors' hopes for a closure to the tariff war with China, reported news agency Reuters.
4. Spot gold and the US gold futures were down 0.1 per cent at $1,318.31 and $1,320.30 per ounce respectively.
5. In step with gold, silver ready plunged by Rs 425 to Rs 41,050 per kg and weekly-based delivery by Rs 262 to Rs 39,868 per kg. Silver coins also dropped by Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.
(With agency inputs)