Gold Silver Reports (GSR) – Gold prices had declined by Rs 150 in the past two days. Tracking gold, silver rates also dropped by Rs 100 to Rs 37,800 per kg. Prices of gold of 99.9% and 99.5% purity declined by Rs 50 each to Rs 31,950 and Rs 31,800 per 10 gram respectively. Sovereign gold held flat at Rs 24,800 for piece of 8 gram on scattered support.
Gold prices today remained on a weak trend, falling below the Rs 32,000 level. Gold rates fellby Rs 50 to Rs 31,950 per 10 gram, declining for the third consecutive day amid muted demand from local jewellers.
Meanwhile, silver ready prices ended Rs 100 lower at Rs 37,800 per kg, while weekly-based delivery lost Rs 183 at Rs 36,586 per kg. Silver coins, however, were unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
The recent pullback in the rupee against the US dollar also put downward pressure on domestic gold prices. The rupee had risen 21 paise to end at 71.46 against the US dollar on Tuesday, its sixth straight session of gains.
Read More : Gold Prices Slip for 3rd Day, Silver Rates Slump
In the last six trading sessions, the rupee has gained 143 paise against the US dollar. A higher rupee reduces the imported cost of gold.
In global markets, gold prices were steady today amid weakness in dollar and equities. Spot gold was up 0.2% at $1,224.02 per ounce.
The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.2%.
Gold traders will be keeping a close eye on the G20 leaders’ summit later this month in Argentina where US President Donald Trump is expected to meet with Chinese President Xi Jinping to discuss the bilateral trade dispute.
In global markets, gold prices are down about 10% since hitting a peak in April as investors bought the dollar with the US-China trade war unfolding against a background of higher US interest rates. – Neal Bhai Reports
