Gold prices came down in Delhi for a second straight day on Tuesday. Gold prices fell by Rs. 85 to Rs. 32,225 per 10 grams at the bullion market in Delhi, reported.
Besides low demand from jewelers, weakness in the international gold market impacted domestic gold prices, say market observers.
Silver also slumped below the Rs. 41,000 per kilogram mark. Gold prices had fallen by Rs. 140 to Rs. 32,310 per 10 grams in Delhi on Monday, while silver declined by Rs. 150 to Rs. 41,350 per kg.
Gold and Silver prices on Tuesday:
1. Gold price in Delhi: In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 85 each to Rs. 32,225 and Rs. 32,075 per 10 grams, respectively.
2. Silver price: Silver prices declined by Rs. 850 per 10 grams to Rs. 40,500 per kg due to poor offtake by industrial units and coin makers, according to Press Trust of India.
3. In the international market, spot gold was up 0.2 per cent at $1,326.91 an ounce at 3:00 pm, while US gold futures for June delivery were up $4.80 an ounce at $1,328.80, reported.
4. Internationally, gold steadied after three days of losses as the dollar stabilised after a three-month peak and a rise in US Treasury yields stalled with lower prices tempting some buyers back to the market, reported. Gold has slid nearly 2 per cent in the last three trading sessions.
5. Gold is often seen as a safe store of value in times of elevated geopolitical or financial risks. Gold prices have benefited in recent weeks from concerns over the US-China trade dispute, sanctions on Russia and unrest in the Middle East, but have been kept in check by the prospect of further interest rate hikes from the Federal Reserve, the US central bank.>