Gold Prices Fall For Second Straight Day


Sovereign gold, however, remained steady at Rs 24,600 per piece of eight grams.

Gold prices went down by Rs 100 to Rs 30,650 per 10 grams amid weakening global trend and muted demand from local jewellers at the bullion market on Tuesday, reported news agency Press Trust of India (PTI). However, silver held steady at Rs 39,200 per kg on scattered deals from industrial units and coin makers. Marketmen said, apart from a weak trend overseas, fall in demand from local jewellers and retailers at domestic spot market, mainly kept pressure on the gold prices.

Here are five things to know about gold prices, silver rates today:

1. Globally, gold steadied on Monday ahead of a meeting of the US Federal Reserve this week that could yield clues to the future direction of US interest rates and the dollar, key factors for precious metals prices, reported news agency Reuters.

Spot gold was steady at $1,223.14 per ounce, compared with a one-year low of $1,211.08 hit earlier this month. US gold futures for August delivery settled down $1.70, or 0.1 per cent, at $1,221.30 per ounce.

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity lost Rs 100 each at Rs 30,650 and Rs 30,500 per 10 grams, respectively. The precious metal had shed Rs 30 yesterday. Sovereign gold, however, remained steady at Rs 24,600 per piece of eight grams.

3. “Comex gold is set for a fourth straight month of losses in longest stretch since 2013, with bears in the diving seat ahead of key policy meetings this week at world’s largest central bank. There has not been any significant pick up in the investment demand as gold has lost its safe haven tag these days. The greenback is flat around 94.15. US may post strong personal spending for June the evening hence outlook for the evening session is weak”, said Jigar Trivedi, fundamental research analyst – commodities, AnandRathi Commodities.

4. On the other hand, silver ready ruled flat at Rs 39,200 per kg, while weekly-based delivery recovered by Rs 70 to Rs 38,240 per kg on speculative buying.

5. Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(With agency inputs)



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