Gold Prices Slip Below Rs 34,000 On Weak Global Cues: 5 Things To Know

Gold prices fell by Rs 310 to Rs 33,770 per 10 grams at the bullion market on Saturday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Sentiment remained bearish on the back of a weak trend overseas as the dollar strengthened to a 10-week high against the yen, boosted by better-than-expected US gross domestic data for the fourth quarter, making bullion less attractive as a safe-haven investment, traders were quoted as saying in the PTI report. Gold prices had fallen by Rs 570 in the previous two days.

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 purity dropped sharply by Rs 310 each to Rs 33,770 and Rs 33,600 per 10 gram, respectively on Saturday.

2. Sovereign, however, remained unchanged at Rs 26,500 per piece of eight grams.

3. Globally, spot gold fell 1.52 per cent to $1,293.90 an ounce and silver by 2.47 per cent to $15.29 an ounce in New York.

4. Silver rates also drifted lower by Rs 730 to Rs 39,950 per kg due to reduced offtake by industrial units and coin makers. 

5. Silver ready fell by Rs 730 to Rs 39,950 per kg while weekly-based delivery dived Rs 840 to Rs 38,300 per kg. Silver coin, however, remained unaltered at Rs 81,000 for buying and Rs 82, 000 for selling of 100 pieces. 

(With inputs from agencies)