Gold Logs First Loss In Four Days, Prices Fall By 110 Rupees: 5 Things To Know

Snapping a three-day gaining streak, gold prices on Wednesday fell by Rs 110 to close at Rs 32,540 per 10 gram at the bullion market in the national capital, reported Press Trust of India (PTI). The fall in prices was mainly due to weaker demand from local jewellers and negative global cues, traders were quoted as saying in the PTI report. Sovereign gold, however, held steady at Rs 25,000 per piece of 8 gram. The precious metal had earlier gained Rs 550 in the three previous sessions. 

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 fell by Rs 110 each to 32,540 and Rs 32,390 per 10 gram, respectively. 

2. Globally, gold traded lower at $1,242.08 an ounce in New York, while silver held steady at $14.57 an ounce. "MCX gold is trading with negative momentum for yet another session as rupee has appreciated from intraday high levels. In the international market the yellow metal is supported due to rise in holding of exchange-traded-funds amid political risk in the UK," said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.

3. Silver rates were also down by Rs 25 to Rs 38,550 per kg on weak demand from coin makers and industrial units. 

4. On weekly-based delivery, silver was marginally up by Rs 22 to Rs 38,181 per kg. 

5. Silver coins remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. 

(With inputs from agencies)