Gold Prices Slip On Muted Demand, Silver Follows: 5 Things To Know

Gold prices slipped by Rs 50 per 10 grams to Rs 32,220 per 10 grams at the bullion market in Delhi on Monday amid a weak global trend and slackened demand from local jewelers, reported news agency Press Trust of India. Silver rates also declined by Rs 100 per kilogram to Rs 39,500 per kilogram due to reduced offtake by industrial units and coin makers. Apart from a weak global trend, tepid demand from local jewellers and retailers at the domestic spot market, weighed on gold prices, according to traders.

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

1. Globally, gold fell 0.02 per cent to $1,227.20 an ounce, while silver was up 0.21 per cent to $14.73 an ounce in Singapore. According to analysts, geopolitical concerns including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, developments related to Brexit, and Italy's budget woes are keeping investors interested in gold, reported news agency Reuters.

2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 50 each to Rs 32,220 and Rs 32,070 per 10 grams, respectively. 

3. On Saturday, the precious metal had gained by Rs 45 per 10 grams.

4. Sovereign remained steady at Rs 24,700 per piece of eight grams.

5. In sync with gold, silver ready slipped by Rs 100 to Rs3 9,500 per kg while weekly-based delivery fell by Rs 36 to Rs 38,759 per kg. Silver coins were unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces, reported Press Trust of India.