Gold Prices Fall By Rs 360 On Subdued Demand: 5 Things To Know

Gold prices on Thursday declined by Rs 360 to Rs 33,070 per 10 grams at the bullion market in the national capital, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. That marked the sixth straight session of losses. On Wednesday, gold prices had edged lower by Rs 20 to Rs 33,430 per 10 grams. Following gold, silver rates also saw a fall of Rs 520 to Rs 38,980 per kg on Thursday.

Here are 5 things to know about gold prices, silver rates:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by Rs 360 each to Rs 33,070 and Rs 32,900 per 10 grams, respectively.

2. Subdued demand from local jewellers and weak trend overseas led to fall in gold prices on Thursday, traders were quoted as saying in the PTI report. Besides, strengthening of the rupee also put pressure on the yellow metal, they added.

3. Globally, spot gold traded lower at $1,284.77 an ounce and, similarly, silver was down at $15.06 an ounce in New York.

4. Sovereign gold, however, were held steady at Rs 26,400 per 8 gram.

5. Silver saw a fall of Rs 520 to Rs 38,980 per kg due to reduced offtake by industrial units and coin makers. Weekly-based delivery declined by Rs 507 to Rs 38,202 per kg in case of silver. Silver coins, on the other hand, were held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces. 

(With inputs from agencies)