Gold prices fell in trade today silver prices gained moderately. In the international markets, however, gold prices recovered from the 19-month low levels hit last week.
“Although it has been a tough time for countries due to trade war related matters, the safe haven demand for gold has not gone up,” said Jigar Trivedi, Fundamental Research Analyst Commodities, Anand Rathi Commodities. On Saturday, gold prices had fallen by Rs. 90 to Rs. 30,250 per 10 grams due to weak local demand.
Things to know about gold, silver trade today:
1. Gold prices fell by Rs. 55 per 10 grams at the bullion market in Delhi following subdued demand from stockists and local jewellers, stated a report .
2. Standard gold (99.5 per cent purity) prices fell by Rs. 55 to end at Rs. 29,315 per 10 grams from Thursday’s level of Rs. 29,370. Pure gold (99.9 per cent purity) also moved down by a similar amount to finish at Rs. 29,465 per 10 gram as against Rs. 29,520 earlier.
3. Silver prices recovered modestly by Rs. 85 per kg due to renewed demand from industrial units. Silver (.999 fineness) rose by Rs. 85 per kg to conclude at Rs. 36,875 as compared to Rs. 36,790, previously.
4. In global markets, spot gold was up 0.3 per cent at $1,187.51 an ounce at 1104 GMT or 4:34 pm IST after Thursday’s dip to $1,159.96, the lowest since January 2017, stated a report. US gold futures were up 0.8 per cent at $1,194.10 an ounce. Gold has tumbled 13 per cent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States.
5. “The second half of the week will be an important one for traders as Wednesday US will release Federal Reserve’s policy meeting’s minutes. Thursday onwards central bankers around the world will gather for annual meet at Jackson Hole. Since prices have fallen significantly these days, we don’t rule out possibility of a short covering. On upside Rs. 29,560 is a good resistance,” said Mr Trivedi.