Gold prices slip today, silver rates edge lower
Gold prices today slipped by ₹50 to ₹32,220 per 10 gram at the bullion market amid a weak global trend and slackened demand from local jewellers
New Delhi: Gold prices today slipped by ₹50 to ₹32,220 per 10 gram at the bullion market amid a weak global trend and slackened demand from local jewellers. Silver also shed ₹100 to ₹39,500 per kg due to reduced offtake by industrial units and coin makers. Apart from a weak global trend, marketmen said, tepid demand from local jewellers and retailers at the domestic spot market, weighed on gold prices.
In Delhi, gold of 99.9% and 99.5% purity declined by ₹50 each to ₹32,220 and ₹32,070 per 10 gram, respectively. The precious metal had gained ₹45 in Saturday’s trade. Sovereign, however, remained steady at ₹24,700 per piece of eight gram.
In sync with gold, silver ready slipped by ₹100 to ₹39,500 per kg while weekly-based delivery fell by ₹36 to ₹38,759 per kg. Silver coins, however, were unaltered at ₹75,000 for buying and ₹76,000 for selling of 100 pieces.
Globally, gold prices fell today, retreating from last week’s 2-1/2 month peak as rallying global stock markets pointed to improved investor appetite for risk. Spot gold was down 0.2% at $1,223.74 an ounce at 1042 GMT, having hit a 2-1/2-month peak last week at $1,233.26 per ounce. US gold futures fell 0.2% at $1,226.60 an ounce.
However, losses for gold were limited, with a weakening dollar and prices still hovering around the 100-day moving average, around $1,224, a key technical level, analysts said.
“We are still in a lateral phase between $1,220 and $1,230. I wouldn’t be worried about the low correction this morning as long as it is keeping positive momentum,” ActivTrades chief analyst Carlo Alberto De Casa said.
Geo-political concerns, including tensions between Saudi Arabia and the West over the killing of journalist Jamal Khashoggi, and developments related to Brexit were seen keeping some investors favourably disposed towards gold.
“We saw a significant amount of short covering from speculators last week. With quite a bit of uncertainty, we could see that trend moving forward,” said ING analyst Warren Patterson.
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