Gold Prices Recovered Marginally, Silver Remained under Selling Pressure

Gold, Silver prices today: Mild buying by local jewellers at domestic spot market helped the recovery in gold prices, said traders.

Snapping two-day losing streak, Gold prices recovered marginally by Rs. 20 to reach Rs. 31,420 per 10 grams at the bullion market on Saturday, reported .

The rise in gold prices came on scattered buying by local jewellers even as the metal weakened overseas.

According to traders, mild buying by local jewellers at domestic spot market helped the recovery in gold prices but a weak trend overseas capped the gains.

Meanwhile, silver remained under selling pressure and lost another Rs. 150 to trade at Rs. 37,500 per kg today.

Key things to know about gold, silver prices today:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 20 each to Rs. 31,420 and Rs. 31,270 per 10 grams, respectively.

2. It had lost Rs. 225 in the last two days.

3. Sovereign remained unaltered at Rs. 24,500 per piece of eight grams.

4. Silver ready fell further by Rs. 150 to Rs. 37,500 per kg and weekly-based delivery declined by Rs. 215 to Rs. 36,995 per kg.

5. Silver coins continued to be asked at previous level of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

6. According to a report, gold imports in August rose over 90 per cent to $3.64 billion.

7. India is considered world’s second-biggest gold consumer.

8. The government has raised its goods and services tax (GST) on bullion this year and taken other steps to curb gold purchases that drain the country of its forex reserves.

9. Higher rates make gold less attractive since it does not pay interest but costs money to store and insure, added Reuters.

10. Globally, gold fell 0.65 per cent to $1,193.10 an ounce and silver shed 0.78 per cent to $14.03 an ounce in New York in Friday’s trade.

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