Snapping its three-day rising streak, gold prices edged lower by Rs 100 to Rs 31,250 per 10 gram at the bullion market on Monday, reported news agency Press Trust of India (PTI). Gold prices dropped today amid weakening global trend and easing demand from the local jewellers. The precious metal had gained Rs 270 in the last three days. Meanwhile, silver also slumped below the Rs 38,000-mark by plunging Rs 650 to Rs 37,700 per kg due to reduced offtake by industrial units and coin makers.
Here are key things to know about gold prices, silver rates today:
1. According to market experts, sentiment turned bearish on the back of weak trend overseas where gold edged lower with prices breaking back below the psychological $1,200 level. Gold fell today as the dollar remained firm on worries over intensifying Sino-US trade tensions, especially after an impasse in trade talks between the United States and Canada.
2. Globally, gold fell by 0.17 per cent to $ 1,198.80 an ounce and silver by 0.52 per cent to $14.43 an ounce in Singapore.
3. Fall in demand from local jewellers and retailers at existing levels in the domestic spot markets, too, dampened the sentiments today, said analysts.
4. In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 31,250 and Rs 31,100 per 10 gram, respectively.
5. Sovereign gold remained flat at Rs 24,500 per piece of 8 gram.
6. "MCX gold prices increased marginally even though gold-backed exchange traded fund has experienced withdrawals on a daily basis. Focus for this week will be on US nonfarm payrolls numbers which will come on Friday. According to Bloomberg forecast, that data is likely to be positive and hence negative for the yellow metal", said Jigar Trivedi, Fundamental Research Analyst, Commodities, Anand Rathi.
7. Silver ready dipped by Rs 650 to Rs 37,700 per kg and weekly-based delivery by Rs 420 to Rs 36,695 per kg.
8. Silver coins dropped by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (With agencies inputs)
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