Gold Prices Down, Silver Rates Slip

Gold Silver Reports (GSR) – 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.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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