Gold Prices Break 3-Day Rising Streak

Snapping its three-day gains, gold on Friday declined by Rs 145 to Rs 32,690 per 10 grams at the bullion market in the national capital, reported news agency Press Trust of India (PTI). The fall came amid weaker dollar against rupee, said the agency citing the All India Sarafa Association. Silver, however, continued its rising streak and crossed the Rs 40,000-mark to Rs 40,140 per kg, gaining Rs 440 on increased demand from industrial units and coin makers. A weaker dollar compared to the rupee and subdued demand from local jewellers put pressure on the prices of yellow metal, said the report quoting traders.

In the previous three days, gold prices had surged by a total of Rs 565. In Delhi, prices of gold of 99.9 per cent and 99.5 per cent purities declined by Rs 145 each to Rs 32,690 and Rs 32,540 per 10 grams, respectively. Sovereign gold, however, remained unchanged at Rs 25,200 per piece of 8 grams. 

Globally, gold erased most of its early gains after touching 6-1/2-month highs on Friday, as Asian equities and the US dollar regained some footing after Beijing announced a new round of trade talks with Washington amid fears of a global economic slowdown, reported Reuters.

Spot gold was up about 0.2 per cent at $1,295.55 per ounce, in intraday trade, after touching $1,298.42 earlier, its highest since mid-June.

Silver ready rose by Rs 440 to Rs 40,140 per kg and weekly-based delivery witnessed a marginal rise of Rs 71 to Rs 39,436 per kg. Silver coins, on the other hand, remained unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

(With agency inputs)