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

Gold remained weak for the second straight day as the price fell by Rs 20 to Rs 31,540 per 10 grams at the bullion market Thursday on tepid demand from local jewellers amid appreciating rupee, ignoring a firm trend overseas, reported news agency Press Trust of India (PTI). On the other hand, silver recovered by Rs 60 to Rs 37,160 per kg on scattered enquiries from industrial units amid better global cues. Muted demand from local jewellers as well as retailers largely dragged down gold prices, but a firm trend overseas capped the fall, reported PTI citing traders. 

The appreciating rupee, making imports cheaper, also weighed on gold prices, said traders. The rupee jumped 74 paise to breach the 70 per dollar mark and touched 69.88, a three-month high level, in intra-day trade in the forex market Thursday.

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

1. Globally, gold rose on Thursday after Federal Reserve Chair Jerome Powell's comments boosted perception the central bank would go slow on interest rate hikes next year, reported news agency Reuters. Spot gold was up 0.3 per cent at $1,224.86 per ounce in the intraday trade. US gold futures were steady at $1,224.1 per ounce.

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell further by Rs 20 each to Rs 31,540 and Rs 31,390 per 10 gram, respectively. The precious metal had lost Rs 290 on Wednesday. 

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

4. On the other hand, silver ready recovered by 60 to Rs 37,160 per kg and while weekly-based delivery by Rs 82 to Rs 35,864 per kg.    

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

(With agency inputs)