Gold Prices Plunge Today, Silver Rates Climb: Key Things To Know

Gold prices slumped by Rs 250 to Rs 31,450 per 10 grams at the bullion market on Saturday,  reported news agency Press Trust of India (PTI). Gold prices slipped today on weak trend overseas amid easing demand from local jewellers. According to traders, sentiment turned bearish after gold prices fell in global markets as the dollar firmed on persistent concerns about an escalating trade war between the US and China. However, silver prices rose by Rs 70 to Rs 38,150 per kg on scattered enquiries from industrial units and coin makers.

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

1. Fall in demand from local jewellers and retailers at the domestic spot markets put pressure on gold prices today.

2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity drifted down by Rs 250 each to Rs 31,450 and Rs 31,300 per 10 grams, respectively. 

3. On Friday, gold prices rose by Rs. 50 to Rs. 31,700 per 10 gram at the bullion market.

4. Globally, gold fell 0.68 per cent to $1,198.70 an ounce and silver 0.38 per cent to $14.25 an ounce in New York in Friday's trade. 

5. Investors now await next week's Federal Reserve meeting, where the US central bank is widely expected to raise benchmark interest rates. Higher US interest rates tend to make gold less attractive since it does not pay interest and costs money to store and insure.

6. Sovereign remained flat at Rs 24,500 per piece of eight grams today. 

7. Silver ready advanced by Rs 70 to Rs 38,150 per kg and week-based delivery by Rs 15 to Rs 37,590 per kg. 

8. Silver coins were unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces today. (With agencies inputs)