Gold Prices Edge Lower After 4 Days Of Gains: 5 Things To Know

Gold slipped by Rs 70 to Rs 31,080 per 10 grams due to sluggish demand from jewellers and weak global cues, reported news agency Press Trust of India. Silver too lost Rs 170 to Rs 38,300 per kg due to reduced offtake by industrial units and coin makers. Traders said apart from a weak global trend, fall in demand from local jewellers and retailers at prevailing higher levels led to the decline in gold prices. 

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

1. Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal's gain, reported Reuters.

Spot gold was up 0.3 per cent at $1,204.43 an ounce in the early-day trade. Prices hit their highest since August 10 at $1,214.28 on Tuesday, but closed 0.8 per cent lower as US Treasuries rose after the United States and Mexico struck a trade deal. 

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity slipped by Rs 70 each to Rs 31,080 and Rs 30,930 per 10 grams, respectively. The precious metal had gained Rs 530 in the previous four sessions. Sovereign also fell by Rs 100 to Rs 24,500 per piece of eight grams.

3. "MCX gold rises as investors weigh developments in Trump administration’s trade policies, while the dollar and Treasury yields stabilise after gains, says Jigar Trivedi - fundamental research analyst, commodities," Anand Rathi Commodities.

Analysts will also watch US economic data due later in the day. 

4. Silver ready closed lower by Rs 170 to Rs 38,300 per kg,while weekly-based delivery fell by Rs 200 to Rs 37,075 per kg.    

5. Silver coins continued to be traded at the previous levelof Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

(With agency inputs)