Gold Prices Fall For Third Straight Day: 5 Things To Know

Edited by Abhishek Jejani (With inputs from agencies)

02 Sep 2019, 04:16 PM IST

Sovereign gold declined by Rs 1,000 to Rs 29,100 per eight grams.

Gold prices fell for third straight day to Rs 39,600 per 10 grams today. The prices of yellow metal inched lower by Rs 40 on the back of lower demand from local jewellers. However, positive global trend restricted the fall in the gold prices, traders said. The prices on Saturday had fallen by Rs 80 to Rs 39,640 per 10 grams. Silver prices on Monday held steady against the previous level of Rs 48,800 per kilogram. (Also read: Investors should allocate 10% of assets in physical gold, says Mark Mobius)

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

1. Globally, gold edged slightly higher on Monday after the United States and China imposed new tariffs on each others' goods but a firmer dollar limited the precious metal's upside. Washington began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday.

2. Spot gold was up 0.2 per cent at $1,522.17 per ounce in intraday trade. US gold futures were up 0.1 per cent at $1,531 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 40 each to Rs 39,600 and Rs 39,430 per 10 grams, respectively.

4. Similarly, sovereign gold declined by Rs 1,000 to Rs 29,100 per eight grams.

5. Prices of silver ready remained unchanged at Rs 48,800 per kg, while weekly-based delivery also held steady at Rs 46,742 per kg. Silver coins traded flat at Rs 1,00,000 for buying and Rs 1,01,000 for selling of 100 coins.