Gold prices on Tuesday shrugged off weak global cues to gain amid recovery in the rupee and festive season demand in the local market. Silver prices also advanced due to increased offtake by industrial units and coin makers. In the international market, however, gold prices fell after the US President Donald Trump imposed 10 per cent tariffs on about $200 billion worth of Chinese imports and warned of more tariffs if China retaliated.
Here are five things to know about Tuesday's gold prices, silver rates
1. Gold advanced by Rs 10 to Rs 31,610 per 10 gram at the bullion market, according to a report by news agency Press Trust of India (PTI). In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 31,610 and Rs 31,460 per 10 gram, respectively. The precious metal had gained Rs 180 in Monday's trade.
2. "The yellow metal began the day with weak momentum but as USD-INR started to appreciate from intra-day low levels, the trend reversed in the yellow metal. Earlier gold prices fell after US sanctions on China but buying sharply emerged as China said that it will hit back," Jigar Trivedi, Fundamental Research Analyst - Anand Rathi Commodities, told NDTV.
3. Sustained buying by local jewellers to meet festive season demand at the domestic spot market, mainly kept gold prices higher, but a weak global trend capped the rise, marketmen said.
4. Spot gold fell 0.3 per cent to $1,197.51 an ounce at 0732 GMT or 1:02 pm IST, after rising 0.6 per cent in the previous session, according to a report by news agency Reuters. US gold futures were down 0.3 percent at $1,202.20 an ounce.
5. Silver ready rose by Rs 20 to Rs 37,700 per kg and weekly-based delivery by Rs 110 to Rs 37,305 per kg. Silver coins, however, continued to trade at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (With agencies inputs)