Gold prices, declined by Rs. 50 to Rs. 32,100 per 10 gram at the bullion market today, owing to slackened demand from local jewellers amid a weak trend overseas, reported .
Fall in demand from local jewellers and retailers and bearish trend overseas, after comments from Federal Reserve officials showed caution over the global economy, prompting investors to reassess the pace of future US interest rate hikes, mainly kept pressure on gold prices, traders were quoted. Silver rates, too, weakened by Rs. 50 to Rs. 38,100 per kg.
Know about gold prices, silver rates today:
1) Globally, gold fell 0.11 per cent to $1,220.80 an ounce and silver by 0.21 per cent to $14.46 an ounce. Gold rates edged lower as investors took some profit after the metal rose for four consecutive sessions last week, though the prices were supported by a muted dollar on Federal Reserve’s concerns over the global economy, reported .
2) “Investors also weighed heightened tensions between China and the US after the Asia-Pacific Economic Cooperation forum failed to agree on a joint statement for the first time in its history”, said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
3) In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 50 each to Rs. 32,100 and Rs. 31,950 per 10 gram, respectively. The yellow metal had gained Rs. 135 on Saturday.
4) Sovereign gold remained unaltered at Rs. 24,800 per piece of 8 gram.
5) Silver ready eased by Rs. 50 to Rs. 38,100 and weekly-based delivery by Rs. 3 to Rs. 37,020 per kg. Silver coins continued to be traded at previous level of Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.>