Gold prices losses for the second straight day on Tuesday amid a weak global trend but silver rates rose on scattered enquiries from industrial units and coin makers.
Experts hoped that gold prices would recover due to manufacturing PMI data of the US, which is scheduled to be released later in the day. “With manufacturing PMI data of the US predicted to come slightly weak in the evening, gold prices can recover some lost ground of the past few days,” said Jateen Trivedi, Research Analyst, Bonanza Portfolio.
Things to know about gold prices and silver rates today:
1. Ten grams of gold was sold in Delhi for Rs. 30,840. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs. 50 each to Rs. 30,840 and Rs. 30,690 per ten gram, respectively, according to a report by news agency Press Trust of India.
2. Fall in demand from local jewellers and retailers at the domestic spot markets weighed on gold prices, said market men. Investor sentiment remained bearish on the back of weak global cues where gold prices edged lower on a firmer dollar and US Treasury yields rose on expectations of rate hikes by Federal Reserve.
3. Globally, gold fell 0.27 per cent to $1,220.70 an ounce and silver by 0.10 per cent to $15.32 an ounce in Singapore.
4. Global gold prices have shed more than 10 per cent since touching a peak of $1,365.23 in mid-April, largely hit by a stronger dollar amid US interest rate hikes. Last week it hit a one-year low. “Gold is likely to see a sideways trend in coming weeks, trying to find a bottom,” said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt, according to a report.
5. Silver ready, however, inched up by Rs. 5 to Rs. 39,325 per kg and weekly-based delivery by Rs. 20 to Rs. 38,390 per kg. Silver coins held steady Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.>