Gold prices declined by Rs 40 to Rs 31,360 per 10 grams on Tuesday, driven by a weak trend overseas amid fall in demand from local jewellers, reported news agency Press Trust of India (PTI). Silver followed suit and shed Rs 50 to Rs 40,300 per kg due to reduced offtake by industrial units and coin makers, according to the agency. Marketmen said that apart from a weak trend overseas, a fall in demand from local jewellers and retailers at the domestic spot market mainly kept gold prices lower.
Here are key things to know about gold and silver prices today:
1. Spot gold was up 0.3 per cent at $1,244.72 an ounce in recent trade. Earlier in the session, bullion prices dropped to $1,237.32, their lowest since December 12, 2017. Gold prices recovered from a nearly seven-month low on Tuesday as dollar eased and Asian shares sank amid heightening trade friction between the United States and major economies.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined further by Rs 40 each to Rs 31,360 and Rs 31,210 per 10 grams, respectively. The precious metal had lost Rs 250 in the previous three days.
3. Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight grams.
4. In sync with gold, silver ready eased by Rs 50 to Rs 40,300 per kg and weekly-based delivery cracked below the Rs 39,000-mark by falling Rs 95 to Rs 38,945 per kg.
5. Silver coins, however, continued to be traded at the previous levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
(With agency inputs)