Gold prices slip, silver rates slump1 min read . Updated: 06 Feb 2019, 06:03 PM IST
- Gold rates today declined marginally to ₹34,450 per 10 gram
- But silver rates fell sharply to to ₹41,380 per kg
NEW DELHI: Gold prices today slipped on muted demand from jewellers and muted trend overseas. Gold rates today declined marginally by ₹25 to ₹34,450 per 10 gram at the bullion market, Press Trust of India reported, citing All India Sarafa Association. Tracking weakness in gold, silver rates today slumped ₹320 to ₹41,380 per kg on subdued offtake from industrial units and coin makers. On Monday, gold prices went up by ₹340 and on Tuesday by ₹25.
In Delhi, gold of 99.9% and 99.5% purities dropped ₹25 each to ₹34,450 and ₹34,300 per 10 gram, respectively. Sovereign gold, however, held steady at ₹26,100 per piece of eight grams. Silver ready declined by ₹320 to ₹41,380 per kg, while weekly-based delivery witnessed a fall of ₹322 to ₹40,323 per kg. On the other hand, silver coins were flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
Gold prices held steady after US President Donald Trump, in his State of the Union speech, vowed to build a border wall and gave little clarity over the ongoing trade discussions with China, but a firmer dollar capped bullion's gains. Spot gold was steady at $1,314.30 per ounce.
"There is a likely risk of another government shutdown with President Trump still sticking to the rhetoric of erecting a border wall," said Hitesh Jain, vice president, Yes Securities, adding that a firmer dollar was capping gold's gains.
"Market participants remain cognizant of the fact that global macro numbers are slowing. Gold as an investment avenue remains very much in the reckoning." The dollar index stood near a two-week high.
(With Agency Inputs)