Gold prices declined by Rs 130 to Rs 34,140 per 10 grams on Monday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The prices fell on reduced demand from jewellers and a weak global trend amid easing trade tension between the US and China that dented the precious metal's appeal as safe haven. Tracking gold, silver also fell by Rs 260 to Rs 38,570 per kg on reduced offtake by industrial units. On Saturday, the prices of yellow metal fell by Rs 15 to Rs 34,270 per 10 grams.
Here are five things to know about gold and silver rates today:
1. Globally, gold prices fell nearly 2 per cent to their lowest in more than a week as the dollar strengthened and investors opted for riskier assets after the United States and China agreed to restart trade talks, reported news agency Reuters.
2. Spot gold was down 1.7 per cent at $1,384.81 per ounce in intrday trade, after falling to its lowest since June 20 at $1,381.51. US gold futures dipped 1.8 per cent to $1,388.20 an ounce.
3. Last week, gold prices went up to a six-year high of $1,438.63 an ounce due to growing tensions in the Middle East and a weak dollar, Press Trust of India quoted Hareesh V, head-commodity research, Geojit Financial Services, as saying.
4. In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 130 each to Rs 34,140 and Rs 33,970 per 10 grams, respectively. Sovereign gold also fell by Rs 50 to Rs 26,800 per eight grams.
5. Meanwhile, silver ready prices declined by Rs 260 to Rs 38,570 per kg, while weekly-based delivery reduced by Rs 295 to Rs 37,157 per kg. Price of silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
(With agency inputs)
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