New Delhi: Gold prices witnessed a decline of ₹300 to reach ₹31,600 per ten grams, marking the third consecutive day of a slide at the bullion market on Saturday. This drop was attributed to a weak global trend and reduced demand from local jewellers. Silver also followed suit, falling by ₹100 to ₹40,500 per kg due to decreased off take by industrial units and coin makers. Traders reported that fading demand from local jewellers and retailers in the domestic spot market contributed to the downtrend.
Here are five key points to note:
- Traders noted a downbeat sentiment, influenced by a weak global trend, as gold prices fell following stronger than expected US payrolls data. This development heightened expectations that the Federal Reserve might proceed with another interest rate hike this month, leading to a rise in the dollar’s value.
- Internationally, gold fell by 0.37 per cent to $1,293.10 an ounce, and silver declined by 0.06 per cent to $16.38 an ounce in yesterday’s trade in New York.
- In the national capital, gold of 99.9 per cent and 99.5 per cent purity experienced a further slump of ₹300 each, reaching ₹31,600 and ₹31,450 per ten grams, respectively. The precious metal had already lost ₹190 in the last two days.
- Sovereign gold, however, remained unchanged at ₹24,800 per piece of eight grams. Alongside the decline in gold, silver ready also decreased by ₹100 to ₹40,500 per kg, and weekly-based delivery fell by ₹145 to ₹39,535 per kg.
- On the other hand, silver coins maintained their previous levels, with trading prices at ₹76,000 for buying and ₹77,000 for selling of 100 pieces.
