Gold Prices Recede From All-Time High: 5 Things To Know
After touching a record high on Monday, gold prices in India fell by Rs 163 to Rs 36,807 per 10 grams on Tuesday, news agency Press Trust of India (PTI) reported. The prices of yellow metal had touched an all-time high of Rs 36,970 per 10 grams yesterday. Easing demand from local jewellers amid sluggish global trend mainly weighed on gold prices, the report said citing traders. Following gold, prices of silver also declined by Rs 80 to Rs 43,020 per kilogram on reduced offtake by industrial units and coin makers.
Here are key things to know about gold and silver prices today:
1. Globally, gold steadied on Tuesday after touching a six-year high as simmering tensions between the United States and China propelled investors towards safe-haven assets, reported news agency Reuters.
2. Spot gold was down 0.1 per cent at $1,462.17 an ounce in intraday trade after hitting its highest since May 2013 at $1,474.81. US gold futures were down 0.2 per cent at $1,474.10.
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3. In Delhi, gold of 99.9 per cent declined by Rs 163 to Rs 36,807, while that of 99.5 per cent purity dropped Rs 165 to Rs 36,635 per 10 grams. Sovereign gold, however, stood steady at Rs 27,600 per eight grams.  Â
4. Meanwhile, India's gold imports in July plunged 55 per cent from a year ago to the lowest level in three years as rally in prices to a record high and a hike in import taxes curtailed demand, Reuters quoted a government source as saying.
5. Silver ready slumped by Rs 80 to 43,020 per kg on Tuesday, while weekly-based delivery declined by Rs 112 to Rs 42,291 per kg. Silver coins held flat at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
(With inputs from agencies)
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