Gold Prices Fall On Weak Global Cues: 5 Things To Know

Gold prices on Thursday declined by Rs 50 to Rs 33,020 per 10 gram reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The fall came on tepid demand from local jewellers amid weak trend in the global market. Silver too slipped Rs 175 to Rs 38,550 per kg on reduced offtake by industrial units and coin makers. The fall in gold prices to subdued demand from local jewellers and weak trend overseas, said the PTI report citing traders.    

Here are 5 things to know about gold, silver prices:
        
1. Globally, gold edged lower on Thursday, but was trading close to a two-week peak scaled in the last session as dovish US and European central banks fanned concerns on economic slowdown and kept global bond yields and the dollar under pressure, reported news agency Reuters.

2. Spot gold was down 0.2 per cent at $1,304.99 per ounce in intraday trade, after touching its highest since March 28 at $1,310.50 in the previous session. US gold futures were down about 0.4 per cent at $1,309.30 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 50 each to Rs 33,020 and Rs 32,850 per 10 grams, respectively. On Wednesday, the yellow metal had advanced by Rs 90. 

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

5. Silver ready slumped by Rs 175 to Rs 38,550 per kg, while weekly-based delivery dropped Rs 183 to Rs 37,560 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)