Gold Prices Fall Amid Weak Global Cues: 5 Things To Know

Gold prices fell by Rs 250 to Rs 31,850 per 10 grams at the bullion market Friday, tracking a sluggish trend overseas amid fall in demand from local jewellers, reported news agency Press Trust of India (PTI). Silver prices, too, fell by Rs 100 to Rs 39,250 per kg due to reduced offtake by industrial units and coin makers, it further said. According to traders, gold prices took a hit due to fall in demand at prevailing levels from local jewellers at the domestic spot market and a weak trend overseas.

Here are 5 things to know about gold, silver prices today:

1. Globally, gold softened by 0.16 per cent to $1,199.40 an ounce in Singapore Friday as investors remained cautious after the US Treasury yields hit multi-year peaks and ahead of monthly employment data. Silver, too, shed 0.03 per cent to $14.64 an ounce.    

2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 250 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively. The precious metal had gained Rs 625 in the previous two days. Sovereign gold, however, traded flat at Rs 24,600 per piece of 8 grams.

3. "Comex gold heads for a weekly advance ahead of US jobs data, in a surprisingly resilient showing given gains in the dollar and a surge in bond yields. Investor focus now turns to the monthly US payrolls report later today, after a sell-off in bonds triggered in part by data underscoring the strength of the American economy. Also due to depreciating Indian rupee the sentiment in the yellow metal has been positive," said said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.      

4. In sync with gold, silver ready and silver weekly-based delivery lost Rs 100 each at Rs 39,250 and Rs 38,845 per kg, respectively.    

5. Silver coins were unaltered Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

(With agency inputs)