New Delhi: After falling over 400 in just two days, gold prices today remained steady. Gold rates today remained flat 32,220 per 10 grams at the bullion market. On Thursday, gold prices had slumped 320 and on Wednesday 110. Silver rates today dropped by 200 to 38,600 on weak demand from industrial units and coin makers. In Delhi, gold of 99.9% and 99.5% purity remained unchanged at 32,220 and 32,070 per 10 gram, respectively. Similarly, sovereign gold stood steady at 25,000 per 8 gram.

Silver ready prices today declined 200 to 38,600 per kg, while weekly-based delivery fell by 221 to 38,130 per kg. Besides, silver coins remained unchanged at 74,000 for buying and 75,000 for selling of 100 pieces.

In global markets, gold prices fell today and were on track to mark their biggest weekly decline in five weeks due to a firmer dollar. The metal is down about 0.8% so far for the week. Spot gold prices were 0.3% lower at $1,238.32 per ounce.

According to analysts, a stronger dollar is exerting downward pressure on gold. The next trigger for gold is the outcome of US Federal Reserve’s December 18-19 meeting, where the US central bank is widely expected to raise interest rates, its fourth rate hike this year. But the greater focus will be on the policy outlook for 2019. The Fed is widely expected to strike a dovish tone for next year.

Analysts say that a dovish tone for next year will act as a support for gold prices. Lower interest rates reduce the opportunity cost of holding bullion and weigh on the dollar.

Analysts say that gold has support at $1,240 and could remain in the $1,240-$1,253 zone in the near term.