Gold prices softened by Rs 20 to Rs 30,565 per 10 grams at the local market today owing to a slackened demand from local jewellers despite a firm trend in overseas markets, according to news agency Press Trust of India. Silver followed suit and cracked below the Rs 39,000-mark by falling Rs 85 to Rs 38,915 per kg due to reduced offtake by industrial units and coin makers. Marketmen attributed the slide in gold prices to easing demand from local jewellers and retailers at current levels in the domestic spot market but a firm trend overseas capped the fall.
Key things to know about gold prices, silver rates today:
1. Globally, gold prices drifted higher in Asian trade on Wednesday, extending gains into a second session, as the US dollar softened against China's yuan and the euro, reported news agency Reuters. Spot gold rose 0.2 per cent to $1,213.02 an ounce, after rising 0.4 per cent in the previous session. US gold futures were also up 0.2 per cent at $1,220.80 per ounce.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity shed Rs 20 each to Rs 30,565 and Rs 30,415 per 10 grams, respectively. Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.
3. "No major economic release is scheduled to come today and tomorrow. Hence focus will be on trade war related matters between the US & China and US inflation which will come on Friday", said Jigar Trivedi, Fundamental Research Analyst - Commodities, AnandRathi Commodities.
MCX gold October future has strong support at Rs 29,400 & resistant at Rs 29,800, he added.
4. On the other hand, silver ready declined by Rs 85 to Rs 38,915 per kg and weekly-based delivery by Rs 65 to Rs 37,965 per kg.
5. Silver coins also dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
(With agency inputs)