Gold Prices Drop On Muted Demand: 5 Things To Know

Gold prices drifted lower by Rs 100 to Rs 33,170 per 10 grams at the bullion market on Saturday in the national capital, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Easing demand from local jewellers as well as retailers at the domestic spot market led to the decline in gold prices, but a firm trend overseas capped the fall, traders were quoted as saying in the PTI report. On Friday, gold prices had gained by Rs 200 to Rs 33,270 per 10 grams at the bullion market.

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 declined by Rs 100 each to Rs 33,170 and Rs 33,000 per 10 grams respectively.

2. Sovereign gold, however, remained flat at Rs 26,400 per piece of eight grams.

3. Globally, gold rebounded from multi-week lows to $1,298.70 an ounce in New York on Friday as the dollar slipped ahead of a key US jobs report and investors fretted over increased signs of a global slowdown.

4. Silver rates, on the other hand, rallied by Rs 800 to Rs 39,900 per kg on Saturday due to increased offtake by industrial units and coin makers. The weekly-based delivery rose by Rs 418 to Rs 38,728 per kg.

5. Silver coins continued to be traded at the last level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces on Saturday.

(With inputs from agencies)