Gold prices today remain steady but silver rates fall
Prices of gold of 99.9% today remained unchanged at Rs 31,850 while silver prices fell Rs 150 to Rs 37,300.
New Delhi: Gold prices today remained steady below Rs 32,000 mark while silver rates declined. Gold prices today ended at Rs 31,850 per 10 gram. However, silver rates fell by Rs 150 to Rs 37,300 per kg owing to lower demand from industrial units. Gold prices had gained Rs 100 yesterday, snapping a two-day fall. Prices of gold of 99.9% and 99.5% purity remained unchanged at Rs 31,850 and Rs 31,700 per 10 gram, respectively. Sovereign gold too remained steady at Rs 24,800 per piece of 8 gram.
On the other hand, silver ready went down by Rs 150 to Rs 37,300 per kg and its weekly-based delivery fell by Rs 274 to Rs 36,035 per kg. Silver coins continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Globally, gold prices inched lower today as the US dollar held firm. Spot gold inched 0.1% lower to $1,220.97 per ounce while US gold futures were down 0.2% at $1,220.2 an ounce. Globally, gold price have lost over 10% from their April peak as investors turned to the dollar as a safe haven with the trade war unfolding against a backdrop of higher US interest rates.
Gold traders will be looking at minutes from Fed’s November 7-8 meeting, due later this week, which will likely indicate the pace of interest rate hikes in 2019. Slowing global growth has raised expectations that the Fed may halt its tightening cycle sooner than previously expected. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. They also boost the dollar, in which the metal is priced.
Also traders will look for clarity around the trade conflict leading into the G20 summit. In an interview with the Wall Street Journal, US President Donald Trump said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25% from the current 10%, and repeated his threat to slap tariffs on all remaining imports from China. The comments ran counter to recent speculation about a possible deal when Trump meets with Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week.
Back in India, the recent appreciation of the value of the rupee against the US dollar and weak global prices have helped bring prices close to Rs 32,000. Earlier this year, gold prices in India had risen to six-year highs beyond Rs 32,500 per 10 gram.
(With Agency Inputs)
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