Gold Prices Fall On Weak Global Cues: 5 Things To Know

Gold prices on Thursday fell by Rs 150 to Rs 32,870 per 10 grams, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver rates, however, gained Rs 75 to Rs 37,400 per kg on more offtake by industrial units and coin makers. A weak trend overseas and decline in demand from local jewellers in domestic spot market weighed on gold prices, bullion traders were quoted as saying in the PTI report. The prices of yellow metal had gained by Rs. 150 to Rs. 33,020 per 10 grams on Wednesday.  

Here are five things to know about gold and silver prices today:

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 150 each to Rs 32,870 and Rs 32,700 per 10 grams, respectively.

2. Globally, gold prices fell to one-week low as bonds rallied and the dollar hovered near a two-year high, offsetting the support for bullion from an increasingly bitter Sino-US trade dispute that rekindled doubts about global economic growth, reported news agency Reuters.

3. Spot gold was down 0.3 per cent at $1,275.59 per ounce in intraday trade, after falling to its lowest since May 23 at $1,274.95. US gold futures edged 0.5 per cent lower to $1,274.70 an ounce.

4. Sovereign gold held steady at Rs 26,500 per eight grams. 

5. Silver ready gained Rs 75 at Rs 37,400 per kg, while weekly-based delivery dropped Rs 88 to Rs 36,095 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

(With agency inputs)