NEW DELHI: Gold prices today fell amid slackened demand from local jewellers, extending their decline to the fourth straight day. Gold rates today slipped by ₹50 to ₹34,000 per 10 grams at the bullion market, Press Trust of India reported. The precious metal had lost ₹230 in the previous three days. Tracking gold, silver prices fell ₹150 to ₹40,650 per kg owing to reduced offtake by industrial units and coin makers.
In Delhi, gold of 99.9% and 99.5% purities edged lower by ₹50 each to ₹34,000 and ₹33,850 per 10 grams, respectively. Sovereign gold also weakened by ₹100 to ₹26,000 per piece of eight grams. Tracking gold, silver ready declined by ₹150 to ₹40,650 per kg, while weekly-based delivery fell by ₹134 to ₹39,490 per kg. On the other hand, silver coins continued to be traded at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
In global markets, gold was little changed today as investors awaited clarity on the ongoing US-China trade talks. Prices held above $1,300 per ounce, weighed down by a higher dollar. The dollar index rose to a two-month high, making bullion costlier for investors holding other currencies.
Higher global equity markets also dented gold's appeal. European shares climbing to a three-month high on optimism about US-China trade talks. US President Donald Trump said on Wednesday the talks were "going along very well".
Global gold prices touched a more than one-week high of $1,318.12 on Wednesday, but pared gains later in the session as the greenback benefited from sustained strength in core US inflation.
Analysts expect gold prices to be range-bound around $1,305-$1,315 levels until the trade talks are over.