Gold Prices Drop, But Still Above Rs 38,000: 10 Things To Know

09 Aug 2019, 04:53 PM IST

Globally, spot gold was trading higher at $1,504 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 140 to Rs 38,330 and Rs 38,160 per 10 gram, respectively.
The fall in demand from local jewellers at the domestic spot market led to the dip in gold prices though positive trend overseas capped the fall, analysts were quoted as saying by news agency PTI.
Besides, gain in domestic stock markets drew investors to move towards riskier assets, reducing the precious metal's appeal, they added.
The domestic stock markets registered sharp gains on Friday. The Sensex ended 255 points or 0.68 per cent higher at 37,582 and the NSE Nifty 50 Index climbed 77 points or 0.7 per cent to close at 11,110.
Sovereign gold, on the other hand, remained steady at Rs 28,500 per eight grams on Friday.
Globally, spot gold was trading higher at $1,504 an ounce in New York amid ongoing trade tensions between US-China and slowing global economic outlook which lifted gold's appeal as safe-haven asset.
Gold prices have risen more than 17 per cent so far this year, and sprinted more than $100 over the past week, according to news agency Reuters report.
Silver prices also declined Rs 290 to Rs 44,010 per kg in the national capital on Friday due to reduced offtake by industrial units. The weekly-based delivery plunged Rs 665 to Rs 43,065 per kg.
Silver coins traded higher by Rs 1,000 at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.
Globally, silver rates were quoting higher at $17.12 an ounce.