Gold prices, edged lower by Rs. 100 to Rs. 31,250 per 10 gram at the bullion market today, reported. Gold prices dropped today amid weakening global trend and easing demand from the local jewellers.
The precious metal had gained Rs. 270 in the last three days. Meanwhile, silver also slumped below the Rs. 38,000-mark by plunging Rs. 650 to Rs. 37,700 per kg due to reduced offtake by industrial units and coin makers.
Things to know about gold prices, silver rates today:
1. According to market experts, sentiment turned bearish on the back of weak trend overseas where gold edged lower with prices breaking back below the psychological $1,200 level.
Gold fell today as the dollar remained firm on worries over intensifying Sino-US trade tensions, especially after an impasse in trade talks between the United States and Canada.
2. Globally, gold fell by 0.17 per cent to $ 1,198.80 an ounce and silver by 0.52 per cent to $14.43 an ounce in Singapore.
3. Fall in demand from local jewellers and retailers at existing levels in the domestic spot markets, too, dampened the sentiments today, said analysts.
4. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs. 100 each to Rs. 31,250 and Rs. 31,100 per 10 gram, respectively.
5. Sovereign gold remained flat at Rs. 24,500 per piece of 8 gram.