Gold prices fell by Rs 60 to Rs 34,530 per 10 grams at the bullion market on Tuesday reported news agency Press Trust of India (PTI). The prices fell on weak trend overseas amid easing demand from local jewellers at prevailing levels, said the report quoting the All India Sarafa Association. Silver, too, dropped by Rs 195 to Rs 41,405 per kg owing to reduced offtake by industrial units, while its coins strengthened on increased demand. Apart from a weak trend overseas, decline in demand from local jewellers and retailers at existing levels in domestic spot market, mainly weighed on the gold and silver prices, said PTI citing traders.
Here are 5 things to know about gold, silver prices:
1. In Delhi, gold of 99.9 per cent fell by Rs 60 to Rs 34,530 per 10 grams, while gold of 99.5 per cent shed Rs 40 to Rs 34,400 per 10 grams. The prices of the yellow metal were unchanged on Monday.
2. Sovereign gold, however, remained unaltered at Rs 26,600 per piece of eight grams in limited deals.
3. Globally, gold held a tight range ahead of US Federal Reserve Chairman Jerome Powell's testimony, reported news agency Reuters. Spot gold was barely changed at $1,326 per ounce and US gold futures were steady at $1,328.10 as the dollar remained subdued.
4. Following gold, silver ready too moved down by Rs 195 to Rs 41,405 per kg and weekly-based delivery fell by Rs 314 to Rs 40,076 per kg.
5. On the other side, silver coins increased by Rs 1,000 to Rs 83,000 for buying and to Rs 84,000 for selling of 100 pieces.
(With agency inputs)