Gold prices gone down by Rs. 190 to Rs. 30,740 per 10 grams at the bullion market, tracking a weak trend overseas amid fall in demand from the local jewellers, reported .
Silver followed suit and slipped by Rs. 230 to Rs. 39,200 per kg due to reduced offtake by industrial units and coin makers.
Traders said, a weak overseas trend on stronger dollar and in response to easing trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union, led to the slide in gold prices.
Things to know about gold and silver prices today:
1. Globally, gold prices edged higher on Friday as the dollar slipped against major peers ahead of US economic growth data that could shed light on the pace of rate hikes in the world’s top economy, reported.
Spot gold was up 0.1 per cent at $1,223.96 an ounce in early day trade. The precious metal was, however, on track for its third straight weekly decline.
US gold futures for August delivery were 0.2 per cent lower at $1,223.20 an ounce.
2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs. 190 each to Rs. 30,740 and Rs. 30,590 per 10 grams, respectively. The precious metal had gained Rs. 90 in the last two days.
3. Sovereign, however, remained flat at Rs. 24,700 per piece of eight grams.
4. In step with gold, silver ready fell by Rs. 230 to Rs. 39,200 per kg and weekly-based delivery by Rs. 340 to Rs. 38,195 per kg.
5. Silver coins, however, remained unaltered at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.