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Gold Prices Rise Marginally, Silver Rates Fall: 10 Things To Know


Snapping two-day losing streak, Gold prices recovered marginally by Rs 20 to reach Rs 31,420 per 10 grams at the bullion market on Saturday, reported Press Trust of India (PTI). The rise in gold prices came on scattered buying by local jewellers even as the metal weakened overseas. According to traders, mild buying by local jewellers at domestic spot market helped the recovery in gold prices but a weak trend overseas capped the gains. Meanwhile, silver remained under selling pressure and lost another Rs 150 to trade at Rs 37,500 per kg today. 

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

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 20 each to Rs 31,420 and Rs 31,270 per 10 grams, respectively. 

2. It had lost Rs 225 in the last two days. 

3. Sovereign remained unaltered at Rs 24,500 per piece of eight grams. 

4. Silver ready fell further by Rs 150 to Rs 37,500 per kg and weekly-based delivery declined by Rs 215 to Rs 36,995 per kg. 

5. Silver coins continued to be asked at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. 

6. According to a Reuters report, gold imports in August rose over 90 per cent to $3.64 billion.

7. India is considered world’s second-biggest gold consumer. 

8. The government has raised its goods and services tax (GST) on bullion this year and taken other steps to curb gold purchases that drain the country of its forex reserves.

9. Higher rates make gold less attractive since it does not pay interest but costs money to store and insure, added Reuters.

10. Globally, gold fell 0.65 per cent to $1,193.10 an ounce and silver shed 0.78 per cent to $14.03 an ounce in New York in Friday’s trade. (With agencies inputs)

Source: NDTV Profit