Gold today softened by Rs. 35 to Rs. 32,590 per 10 grams on sluggish demand from local jewellers even as overseas trend firmed up, reported .
Silver also weakened by Rs. 100 to Rs. 39,500 per kg due to reduced offtake by industrial units and coin makers, it further said. Bullion traders said fading demand from local jewellers and retailers at existing higher levels led to decline in gold prices, though a firm trend overseas limited the fall.
Things to know about gold, silver rates:
1. Gold prices edged up today and were on track to rise for the fourth straight week, the longest string of weekly gains since January, as Asian stocks slumped amid increasing worries over the outlook for US corporate earnings and global economic slowdown, reported .
Spot gold was up 0.3 per cent at $1,234.92 an ounce in the intraday trade. It was up 0.7 per cent for the week. US gold futures were up 0.4 per cent at $1,237.40 an ounce.
2. In the national capital, gold of 99.99 per cent and 99.5 per cent purity fell by Rs. 35 each to Rs. 32,590 and Rs. 32,440 per 10 gram, respectively. Sovereign, however, continued to be traded at Rs. 24,800 per piece of eight grams.
3.”Comex gold is up for a fourth week, set for the longest run of gains since January 2018, as investors turn to havens amid gyrations in equity markets.
Asian stocks extended losses at the end of a torrid week that dragged the region’s equities deeper into a bear market,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
4. In line with gold, silver ready traded lower by Rs. 100 to Rs. 39,500 per kg and weekly-based delivery by Rs. 230 toRs 38,760 per kg.
5. Silver coins too fell by Rs. 1,000 to Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.>