Sovereign gold continued to rule flat at Rs. 26,400 per piece of 8 grams.
Gold prices on Wednesday dropped by Rs. 210 to Rs. 34,470 per 10 grams at the bullion market in the national capital due to tepid demand from jewellers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver rates, however, surged by Rs. 450 to Rs. 41,800 per kg on increased offtake by industrial units and coin makers. Traders attributed the subdued trend in the precious metal to lacklustre demand from local jewellers, according to the report. But, a firming trend overseas limited the fall in prices to some extent.
Here are 5 things to know about gold, silver prices:
1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity declined by Rs. 210 each to Rs. 34,470 and Rs. 34,320 per 10 grams, respectively. Gold had gained by Rs. 230 on Tuesday.
2. Sovereign gold continued to rule flat at Rs. 26,400 per piece of 8 grams.
3. Globally, gold prices hit their highest since April 19, 2018 as the dollar was capped on falling US Treasury yields and optimism surrounding trade talks between the United States and China, reported news agency Reuters.
4. Spot gold was up 0.1 per cent at $1,342.45 per ounce after rising to a high of $1,346.73 earlier in the session. US gold futures rose 0.1 per cent to $1,345.7 an ounce.
5. Silver ready advanced by Rs. 450 to Rs. 41,800 per kg and and the weekly-based delivery rose by Rs. 374 to Rs. 40,551 per kg. Silver coins continued to be traded at Rs. 82,000 for buying and Rs. 83,000 for selling of 100 pieces.