Gold Prices Fall For Fourth Straight Day: 5 Things To Know

Falling for the fourth straight day, gold prices on Saturday dipped by Rs 15 to Rs 31,460 per 10 grams due to lacklustre demand amid weak global cues, reported news agency Press Trust Of India (PTI). Silver prices too declined by Rs 515 to Rs 36,560 per kg on weak demand from industrial units and coin makers. Mild demand from jewellers and retailers and weakness in the global markets weighed on gold prices here, reported the agency citing traders. The yellow metal had lost Rs 65 on Friday.

Here are 5 things to know about gold, silver prices today:

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 15 each to Rs 31,460 and Rs 31,310 per 10 grams, respectively.

2. Globally, gold fell on Friday as the dollar strengthened ahead of trade talks between the US and Chinese leaders at the G20 summit on Saturday, reported news agency Reuters. Spot gold dipped 0.29 per cent to $1,220.01 per ounce in the intraday trade. US gold futures settled down 0.33 per cent at $1,220.10 an ounce.

3. Sovereign gold, however, held steady at Rs 24,700 per piece of 8 grams.

4.  Meanwhile, silver ready fell by Rs 515 to Rs 36,560 per kg, while weekly-based delivery declined by Rs 459 to Rs 35,147 per kg. Silver coins, however, ruled flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

5. Physical gold demand in the country - world's second biggest bullion consumer - got a fillip this week from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs. "The appreciating rupee has brought down prices. At this price level, jewellers and retail buyers are quite comfortable in making purchases," Reuters reported Ashok Jain, proprietor of Mumbai-based wholesaler Chenaji Narsinghji, as saying.

(With agency inputs)