Gold Prices Fall On Weak Demand: 5 Things To Know

Gold prices fell by Rs 55 to Rs 32,945 per 10 grams at the bullion market on Tuesday due to tepid demand from jewellers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Tracking gold, silver also dropped by Rs 200 to Rs 38,500 per kg due to reduced offtake by industrial units and coin makers. Easing demand from local jewellers at the domestic market led to the decline in prices, but a firm trend overseas restricted the fall, said the PTI report citing traders.

Here are 5 things to know about gold, silver prices:

1. Globally, gold prices edged up on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite, reported news agency Reuters.

2. Spot gold rose 0.4 percent to $1,285 per ounce at in intraday trade. US gold futures were up 0.4 per cent at $1,286.20 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 55 each to Rs 32,945 and Rs 32,775 per 10 grams, respectively. On Monday, the yellow metal had gained by Rs. 30.    

4. However, sovereign gold held steady at Rs 26,400 per eight grams. 

5. Silver ready slumped by Rs 200 to Rs 38,500 per kg and weekly-based delivery reduced by Rs 28 to Rs 37,222 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)