Gold Prices Drift Lower, Silver Rates Surge: 10 Things To Know

NDTV Profit Team

26 Sep 2018, 05:16 PM IST

Gold, silver prices today: Globally, gold fell 0.07 per cent to $1,200 an ounce in Singapore.

Snapping two-day rising streak, gold prices edged lower by Rs 75 to Rs 31,650 per 10 grams at the bullion market on Wednesday, reported news agency Press Trust of India (PTI). According to traders, gold prices fell today tracking a weak trend overseas amid easing demand from local jewellers. In the national capital, gold of 99.9 and 99.5 per cent purity fell by Rs 75 each to Rs 31,650 and Rs 31,500 per ten grams, respectively. However, silver rates surged by Rs 460 to Rs 38,750 per kg today on the back of increased offtake by industrial units and coin makers.

Here are 10 things to know about gold prices, silver rates today:

1. According to traders, sentiment turned bearish today largely in sync with a weak trend overseas where gold prices edged down as investors awaited policy cues from the US Federal Reserve, which is widely expected to raise interest rates.

2. Fall in demand from local jewellers and retailers at prevailing levels at domestic spot market, too weighed on gold prices today.

3. The precious metal had gained Rs 275 in the previous two days. On Monday, gold prices gained Rs. 100 per 10 grams. While on Tuesday, gold rates climbed Rs. 175 to Rs. 31,725 per 10 gram.

4. Sovereign gold pegged at previous level of Rs 24,500 per piece of eight grams in scattered deals.

5. Globally, gold fell 0.07 per cent to $1,200 an ounce in Singapore today.

6. "Gold is stuck in no man's land with ordnance flying overhead. Prices hugged close to the $1,200 an ounce level that's been the norm since late August as investors await another rate rise from the Federal Reserve and signals about the outlook, including an assessment of risks from the trade war", Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities told NDTV.

7. A strong dollar makes dollar-priced gold costlier for non-US investors, while rising US interest rates typically deter investors from buying a non-yielding asset such as gold.

8. Gold dropped about 12 per cent since hitting a peak in April, marred by rising US interest rates and a global trade war that has led investors to choose the dollar as a safe haven rather than gold.

9. On the other hand, silver ready today soared by Rs 460 to Rs 38,750 per kg and weekly-based delivery by Rs 535 to Rs 38,260 per kg.

10. Silver coins remained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (With agencies inputs)