Gold prices continued decline for the fourth straight day, falling by Rs 180 to Rs 32,070 per 10 grams at the bullion market on Saturday on easing demand from local jewellers amid a weakening trend overseas, reported news agency Press Trust of India (PTI). Silver too lost Rs 400 at Rs 38,000 per kg on reduced offtake by industrial units and coin makers. Traders said gold prices took a hit owing to considerable fall in demand from local jewellers coupled with a weak trend overseas as the firmer dollar eroded appeal of the precious metal as a safe haven investment.
Here are five key things to know about gold, silver prices:
1. Globally, gold fell over 1 per cent to a one-month low on Friday as the US dollar strengthened after the Federal Reserve reaffirmed its monetary tightening stance, seen as a negative for non-yielding bullion, reported news agency Reuters. Spot gold was down 1.3 per cent at $1,207.78 per ounce in the intraday trade, having touched its lowest since October 11 at $1,206.13. It was on track to end the week 2 per cent lower, the steepest weekly decline since the week of August 17.
2. In Delhi, gold of 99.9 per cent 99.5 per cent purity plunged by Rs 180 each to Rs 32,070 and Rs 31,920 per 10 grams, respectively. The precious metal had lost Rs 440 in the previous three days.
3. Sovereign, however, remained unaltered at Rs 24,700 per piece of 8 grams in limited deals.
4. In sync with gold, silver ready fell by Rs 400 to Rs 38,000 per kg and weekly-based delivery dropped by Rs 690 to Rs 36,880 per kg.
5. Silver coins, however, maintained at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
(With agency inputs)