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Gold Prices Slide Below Rs 31,500 Today: 5 Things To Know

The dollar fell for a fourth straight session to trade around 105.37 yen, but was slightly above Friday's low of 105.23, a level not seen since November 2016.

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Gold Prices Slide Below Rs 31,500 Today: 5 Things To Know

Spot gold rose 0.4 percent to $1,326.76 per ounce at 0756 GMT.


New Delhi: Gold prices slipped by Rs 50 to Rs 31,450 per 10 grams at the bullion market today owing to slackened demand from local jewellers despite a firm trend in the overseas markets. However, silver advanced by Rs 70 to Rs 39,600 per kg due to increased offtake by industrial units and coin makers. Marketmen said, gold dropped due to a subdued demand from local jewellers and retailers but a firm trend overseas capped the fall. In the national capital, gold of 99.9 per cent and 99.5 per cent purity weakened by Rs 50 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. The precious metal had gained Rs 140 on Saturday's trade.

5 Things To Know About Gold, Silver Rates Today

On the other hand, silver ready strengthened by Rs 70 to Rs 39,600 per kg and weekly-based delivery by Rs 180 to Rs 38,515 per kg. Silver coins, however, continued to be traded at the previous levels of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. 

Globally, gold prices rose on Monday as investors opted for the safe-haven asset amid fears of a global trade war and uncertainty surrounding the outcome of elections in Italy, which could spell new concerns for the euro zone.

Spot gold rose 0.4 percent to $1,326.76 per ounce at 0756 GMT. Earlier in the session, it hit $1,327.86, the highest since February 27. US gold futures for April delivery rose 0.4 percent to $1,328.20 per ounce.

The dollar fell for a fourth straight session to trade around 105.37 yen, but was slightly above Friday's low of 105.23, a level not seen since November 2016. The US currency slipped from its six-week high that it touched on March 1, after US President Donald Trump announced plans to levy hefty tariffs on aluminium and steel imports igniting fears of retaliation from its trade partners.

A weaker dollar supports gold, making it cheaper for holders of other currencies. Investor appetite for a safe-haven asset such as gold rises during times of geopolitical and financial uncertainty.


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