Gold Prices Fall For Second Straight Session: 5 Things To Know

Gold prices on Wednesday declined by Rs 50 to Rs 32,720 per 10 grams on subdued demand from jewellers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver also declined by Rs 200 to Rs 38,225 per kg on reduced offtake by industrial units and coin makers. Easing demand from local jewellers and retailers at the domestic market led to a decline in gold prices, said the PTI report citing traders. On Tuesday, gold prices had fallen by Rs. 100.    

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

1. Globally, gold prices fell on Wednesday to hover around a four-month low touched in the previous session, as share markets rose and the dollar gained after strong US housing data dampened concerns about an economic slowdown in the country, reported news agency Reuters.

2. Spot gold was down 0.3 per cent at $1,268.84 per ounce in intraday trade, having hit its lowest since the end of last year at $1,265.90 in the last session. US gold futures were 0.2 per cent lower at $1,270.70 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 50 to Rs 32,720 and Rs 32,550 per 10 grams, respectively.    

4. However, sovereign gold held steady at Rs 26,400 per eight grams.    

5. Silver ready fell Rs 200 to Rs 38,225 per kg, while weekly-based delivery slumped Rs 315 to Rs 37,005 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With agency inputs)