Gold prices fall for second day, silver rates falter1 min read . Updated: 12 Feb 2019, 05:13 PM IST
- Muted demand hit domestic gold prices
- Silver prices held on the ₹41,000 per kg level
New Delhi: Muted global rates and sluggish demand from local jewellers sent domestic gold prices lower today. Gold rates fell by ₹145 to ₹34,080 per 10 gram at the bullion market today, Press Trust of India reported, citing All India Sarafa Association. Gold prices had slipped ₹55 on Monday. Tracking gold, silver prices also softened due to low offtake from industrial units and coin makers. Silver prices slipped by ₹100 to ₹41,000 per kg, the report said.
In Delhi, prices of gold of 99.9% and 99.5% purities declined by ₹145 each to ₹34,080 and ₹33,930 per 10 gram, respectively. Sovereign, however, remained unaltered at ₹26,100 per piece of eight gram. Silver ready eased by ₹100 to ₹41,000 per kg while weekly-based delivery dropped ₹158 to ₹39,829 per kg. Silver coins remained unchanged at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
In global markets, gold prices were steady at $1,312 per ounce. Pressured by renewed dollar strength, gold prices have come off after hitting a nine-month high at $1,326.30 in late January. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies. In the near term, gold enjoys support at $1,300, say analysts.
Meanwhile, investors will closely watch the progress in trade talks between China and the United States as the world's two largest economies trying to hammer out a deal before a March 1 deadline, after which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25% from 10%.
China-US trade tensions have rattled financial markets since last year and also underpinned the dollar's safe-haven appeal.
Meanwhile, U.S. congressional negotiators said late on Monday they had reached a tentative deal on border security funding that would avert another partial government shutdown due to start on Saturday, but provided no details. (With Agency Inputs)