Gold, silver prices today: The precious metal had shed Rs 25 on Thursday.
Gold prices fell by Rs 200 to Rs 31,400 per 10 gram at the bullion market on Friday, reported news agency Press Trust of India (PTI). The dip in gold prices is due to weak demand from jewellers and retailers even as the metal strengthened overseas. Silver also followed suit and fell by Rs 250 to Rs 37,650 per kg due to reduced offtake by industrial units and coin makers. According to analysts, muted demand from local jewellers and retailers at the domestic spot markets mainly kept pressure on the precious metal, but a firm trend overseas capped the fall.
Here are 10 things to know about gold, silver prices today:
- In the national capital, gold of 99.9 and 99.5 per cent purity drifted lower by Rs 200 each to Rs 31,400 and Rs 31,250 per 10 gram, respectively.
- The precious metal had shed Rs 25 on Thursday.
- Sovereign remained flat at Rs 24,500 per piece of eight gram today.
- Tracking gold, silver ready dropped by Rs 250 to Rs 37,650 per kg and weekly-based delivery by Rs 75 to Rs 37,210 per kg.
- "MCX gold poised for first weekly gain in three as the greenback weakens after US posted weak set of inflation report. US core inflation unexpectedly cools in August while weekly jobless claims hit fresh 48-year low, underscoring tight job market", said Jigar Trivedi - fundamental research analyst, commodities, Anand Rathi Commodities.
- Silver coins continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
- Globally, gold prices rose on Friday as the US dollar faltered after softer-than-expected US inflation data dimmed the case for a faster pace of policy tightening by the US Federal Reserve, amid signs of movement in the Sino-US trade standoff.
- Gold rose 0.61 per cent to $1,208.20 an ounce and silver 0.78 per cent to $ 14.25 an ounce in Singapore.
- Higher rates make gold less attractive since it does not pay interest and costs to store and insure.
- Gold prices have declined about 12 per cent from a peak in April amid intensifying global trade tensions and under pressure from rising U.S. interest rates. This has driven investors towards record short positions in Comex gold and heavy liquidations in gold exchange-traded funds (ETF), reported news agency Reuters. (With agencies inputs)
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