Gold Prices Rise After 2-Day Fall: 5 Things To Know

After falling for two straight sessions, gold prices rose by Rs 60 to Rs 32,060 per 10 grams at the bullion market on Tuesday reported news agency Press Trust of India (PTI). The metal tracked a firm trend overseas amid fresh buying by local jewellers. Silver, however, fell by Rs 85 to Rs 38,315 per kg due to reduced offtake by industrial units and coin makers. A firm trend overseas as a slide in the dollar and equities raised precious metal's appeal as a safe haven investment, mainly pushed up gold prices, said the agency citing traders. Besides, fresh buying by local jewellers at domestic spot market supported the upside.

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Here are five key things to know about gold, silver prices: 

1. Globally, gold prices were steady, having touched a one-week high on Tuesday, ahead of a key US Federal Reserve meeting, as speculation that signs of economic turbulence may prompt the central bank to put brakes soon on its monetary tightening cycle kept the dollar under pressure, reported news agency Reuters. Spot gold was steady at $1,245.56 per ounce in the intraday trade. US gold futures inched 0.2 per cent lower to $1,249.6 per ounce. 

2. In Delhi, gold of 99.9 per cent 99.5 per cent purities traded higher by Rs 60 each at Rs 32,060 and Rs 31,910 per 10 gram, respectively. The precious metal shed Rs 220 in the previous two days.

3. Sovereign, however, continued to be traded at previous level of Rs 25,000 per piece of eight grams. 

4. On the other hand, silver ready fell by Rs 85 to Rs 38,315 per kg and weekly-based delivery by Rs 49 to Rs 37,881 per kg.    

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

(With agency inputs)