The downward movement of gold continued for the fourth straight day as prices dropped by Rs 50 to Rs 34,000 per 10 grams at the bullion market on Thursday reported news agency Press Trust of India (PTI). The prices fell owing to slackened demand from local jewellers, despite positive global cues, further said the report. Similarly, silver shed Rs 150 to Rs 40,650 per kg owing to reduced offtake by industrial units and coin makers. The precious metal had lost Rs 230 in the previous three days.
Here are key things to know about gold, silver prices:
1. In Delhi, gold of 99.9 per cent and 99.5 per cent purities drifted lower by Rs 50 each to Rs 34,000 and Rs 33,850 per 10 grams, respectively.
2. Sovereign gold also weakened by Rs 100 to Rs 26,000 per piece of eight grams.
3. Globally, gold prices edged higher on Thursday as soft US inflation data raised expectations that the Federal Reserve will pause rate hikes this year, while investors were looking for developments in trade talks between Washington and Beijing, reported news agency Reuters.
4. Spot gold was up 0.2 per cent at $1,308.39 per ounce, in intraday trade. US gold futures were down 0.3 per cent at $1,311.
5. Tracking gold, silver ready declined by Rs 150 to Rs 40,650 per kg, while weekly-based delivery fell by Rs 134 to Rs 39,490 per kg. On the other hand, silver coins continued to be traded at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
(With agency inputs)