A weak, global trend & fading demand from local jewellers dragged down gold prices by Rs. 90 to Rs. 31,950 per 10 grams at the bullion market today, reported .
Silver too declined by Rs. 200 to Rs. 37,800 per kg due to reduced offtake by industrial units and coin makers, it further said. Apart from a weak overseas trend, easing demand from local jewellers and retailers weighed on gold prices, said citing traders.
Globally, gold prices moved in a narrow range on Friday as investors were cautious ahead of a G20 summit next week where leaders of the United States and China are set to discuss their trade dispute, reported .
Things to know about gold, silver prices:
1. The precious metal was set to post a second straight weekly gain as an easing dollar made bullion cheaper for holders of other currencies. Spot gold was down 0.1 per cent at $1,224.34 per ounce, in intraday trade, but about 0.2 per cent firmer so far this week.
2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 90 each to Rs. 31,950 and Rs. 31,800 per 10 grams, respectively. The precious metal had gained Rs. 90 on Thursday. Sovereign, however, remained flat at Rs. 24,800 per piece of 8 grams in scattered deals.
3. Silver ready too moved down by Rs. 200 to Rs. 37,800 per kg and weekly-based delivery by Rs. 302 to Rs. 36,586 per kg. Silver coins, however, remained unaltered at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.
4. Demand for physical gold was robust in the country this week as consumers stepped up purchases during the wedding season after domestic rates slipped to a near six-week trough, while gains in global prices weighed on bullion’s appeal in other Asian hubs, reported .
5. Demand in India, the second biggest gold consumer after China, usually picks up towards the end of the year going into the wedding and festival season.>