Gold prices were ruling almost flat at ₹34,120 per 10 gram; silver prices fell by ₹70 to ₹38,500 per kg
Gold prices were ruling almost flat at ₹34,120 per 10 gram at the bullion market in New Delhi despite the precious metal gaining abroad following a fall in manufacturing activities in major economies.
Traders said gold prices declined by ₹20 due to easing in demand from local jewellers.
Globally, gold was trading higher at $1,391.33 an ounce, while silver was quoting higher at $15.19 an ounce in New York.
“Bullion prices traded higher on Tuesday with international spot gold prices recovered from key support levels of $1,380 [an ounce]. Gold prices gained safe haven bets after fall in manufacturing activities in major economies. The decline in China Manufacturing PMI followed by weak U.S. manufacturing PMI supported buying in gold prices with markets focusing on key fundamentals rather than tweets and comments on trade talks,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the national capital, silver prices fell by ₹70 to ₹38,500 per kg on reduced offtake by industrial units.
Gold of 99.9% and 99.5% purity dropped ₹20 each to ₹34,120 and ₹33,950 per 10 gram, respectively, according to All India Sarafa Association.
Sovereign gold, however, held steady at ₹26,800 per eight gram.
Silver ready prices declined by ₹70 to ₹38,500 per kg, while weekly-based delivery reduced by ₹158 to ₹36,999 per kg.
Price of silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces...........................TH