Gold Prices Remain Flat On Muted Demand: 5 Points

Gold prices dipped by Rs 5 to Rs 30,560 per 10 grams at the bullion market on Thursday due to tepid demand from local jewellers and a weak trend overseas, according to news agency Press Trust of India. However, silver recovered by Rs 55 to Rs 38,970 per kg on scattered enquiries from industrial units and coin makers. Marketmen said subdued demand from local jewellers and retailers at the domestic spot market amid weak global cues kept gold prices lower.    

Key things to know about gold prices, silver rates today:

1. Globally, gold prices rose slightly on Thursday, after gaining for two straight sessions, supported by a slightly weaker dollar versus the yen in Asian trade, reported news agency Reuters. Spot gold was up 0.1 per cent at $1,214.51 an ounce, having gained 0.2 per cent in the previous session. US gold futures were up 0.15 per cent at $1,222.8 an ounce.    

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity shed another Rs 5 each to Rs 30,560 and Rs 30,410 per 10 grams, respectively. The yellow metal had lost Rs 20 yesterday. Sovereign, however, remained unaltered at Rs 24,600 per piece of eight grams.

3.  "The yellow metal has bounced back marginally as the dollar (index) weakened from a crucial resistance of 95.30. The major focus will be on US inflation which will come on Friday evening. US will release weekly jobless claims in the evening session, hence we believe the short covering in the yellow metal will continue in the second half too", said Jigar Trivedi, Fundamental Research Analyst - Commodities, AnandRathi Commodities. 

On the MCX, Rs, 29,700 is a good resistance and Rs, 29,500 is a support, he added.

4. On the other hand, silver ready recovered by Rs 55 to Rs 38,970 per kg and weekly-based delivery traded higher by a similar margin to Rs 38,020 per kg.    

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

(With agency inputs)