New Delhi: Gold prices recovered by ₹ 20 to reach ₹ 31,420 per 10 grams on Saturday, snapping a two-day losing streak on scattered buying by local jewellers despite week global cues, reported PTI. Global gold rates turned negative on Friday, as the US dollar rose against the Chinese yuan after President Donald Trump reportedly told aides to proceed with tariffs on Chinese imports. In Delhi, gold prices of 99.9% and 99.5% purity rebounded by ₹ 20 each to ₹ 31,420 and ₹ 31,270 per 10 grams, respectively. The metal had lost ₹ 225 in the last two days. Sovereign, however, remained unaltered at ₹ 24,500 per piece of eight grams.
In global markets, spot gold rate was down 0.5% at $1,195.21 per ounce on Friday, having hit its highest since 28 August at $1,212.65 on Thursday. It has risen more than 0.1% so far this week, on track for its first weekly gain in three. US gold futures for December delivery settled down $7.10, or 0.6%, at $1,201.10 per ounce. Gold prices have declined about 12% from a peak of $1,365.23 in April amid the intensifying global trade tensions and rising US rates.
Meanwhile, physical gold buying waned in major Asian centres last week as bullion prices rebounded from recent lows, with dealers in India offering the metal at a discount for the first time in over a month as an uptick in local rates moderated demand. In India, gold was being sold at a discount of up to $2 an ounce over official domestic prices this week, compared with a premium of $1 last week. The domestic price includes a 10% import tax.
Silver prices, however, remained weak and fell another ₹ 150 to trade at ₹ 37,500 per kg, added the report. Silver coins, however, continued to be asked at previous level of ₹ 72,000 for buying and ₹ 73,000 for selling of 100 pieces.
With inputs from Reuters