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Gold Prices Dip Today After 2-Day Gain: 5 Things To Know

In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 60 each to Rs 31,450 and Rs 31,300 per 10 gram, respectively.

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Gold Prices Dip Today After 2-Day Gain: 5 Things To Know

Sovereign however remained flat at Rs 24,500 per piece of eight gram.

Gold prices slipped by Rs 60 to Rs 31,450 per 10 gram at the bullion market on Friday on muted demand from local jewellers and a weak global trend, reported news agency Press Trust of India.  Silver too traded lower by Rs 300 to Rs 37,500 per kg due to reduced offtake by industrial units and coin makers, it further said. Traders said besides fall in demand from local jewellers and retailers at prevailing levels, a weak trend overseas mainly weighed on the precious metal.    

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

1. Globally, gold steadied on Friday as the dollar slipped versus a currency basket despite fears over looming China-US trade tariffs, and as investors turned their attention to US payrolls data due later, reported Reuters.

Spot gold edged up 0.1 per cent to $1,201.04, after it hit a near one-week high on Thursday at $1,206.98, and was headed for a third straight session of gains.

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 60 each to Rs 31,450 and Rs 31,300 per 10 gram, respectively. The precious metal had gained Rs 310 in the last two days. Sovereign however remained flat at Rs 24,500 per piece of eight gram.

3. MCX gold is trading lower due to weakness in the SPDR gold ETF. Further, appreciation in the rupee pressurized the precious metal. Nonetheless for traders the key focus would be on US non-farm payrolls which will come in the evening session along with unemployment rate too. According to Bloomberg forecast, the non-farm payrolls is going to be dollar supportive hence the yellow metal is likely to be vulnerable, said Jigar Trivedi, Fundamental Research Analyst, Commodities, Anand Rathi.

US President Donald trump is also likely to make announcement on tariffs on Chinese goods hence the session would be choppy.  

4. In step with gold, silver ready drifted lower by Rs 300 to Rs 37,500 per kg and weekly-based delivery by Rs 90 to Rs 37,025 per kg.    

5. Silver coins however remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

(With agency inputs)

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