Gold eased by Rs 50 to Rs 31,200 per 10 gram at the bullion market on Tuesday on subdued demand from local jewellers amid a weak overseas trend, reported news agency Press Trust of India. However, silver rose by Rs 150 to Rs 37,850 per kg on scattered enquiries from industrial units and coin makers. Marketmen said gold fell in tandem with a weak global trend where the metal slipped Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. Furthermore, sluggish demand from local jewellers and retailers at the domestic spot market put pressure on gold prices.
Here are the key things to know about gold, silver prices today:
1. Globally, spot gold was down 0.3 percent at $1,196.90 an ounce in the early-day trade, while US gold futures had dropped 0.4 per cent at $1,202.10 an ounce, reported Reuters.
The yellow metal is down about 8 per cent this year amid rising US interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar, which is being viewed as a safe-haven asset.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity shed Rs 50 each to Rs 31,200 and Rs 31,050 per 10 gram, respectively. The precious metal had lost Rs 100 yesterday. Sovereign however remained steady at Rs 24,500 per piece of eight gram in limited deals.
3. “MCX gold declines, extending fifth straight monthly loss in August, as dollar stays strong amid prospects for escalating US trade tensions with China and Canada. The COMEX gold is trading in a tight range from $1,190 to $1,205. Key data to watch for this week will be non-farm payrolls. On the MCX, Rs 30,400 is very strong resistance on flip side Rs 30,100 is support,” said said Jigar Trivedi, Fundamental Research Analyst, Commodities, Anand Rathi.
“As dollar is rising continuously, the yellow metal might stay weak. US will release ISM manufacturing PMI so market may stay volatile in the second session too.”
4. On the other hand, silver rose by Rs 150 to Rs 37,850 per kg and weekly-based delivery by Rs 75 to Rs 36,770 per kg.
5. Silver coins however remained flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
(With agency inputs)