Sovereign gold, however, remained flat at Rs 26,400 per eight grams.A weak global trend and easing demand from local jewellers pulled down gold prices by Rs 280 to Rs 32,830 per 10 grams at the bullion market on Monday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association.
Besides, silver prices drifted down by Rs 345 to Rs 38,725 per kg due to reduced offtake by industrial units and coin makers.
Apart from a weak trend overseas, as equity markets gained and the dollar steadied ahead of a US Federal Reserve policy meeting later this week, fading demand from local jewellers and retailers mainly weighed on gold prices said the report citing traders.Here are 5 things to know about gold, silver prices:1.
In Delhi, gold of 99.9 and 99.5 per cent purity declined by Rs 280 to Rs 32,830 and Rs 32,660 per 10 grams, respectively.
The precious metal had lost Rs 260 on Friday.
Sovereign gold, however, remained flat at Rs 26,400 per eight grams.
2.
Globally, gold prices rose for a second straight session on Monday, as the dollar slipped after sombre US data increased chances the Federal Reserve will signal a dovish policy stance at its meeting this week, reported news agency Reuters.3.
Spot gold rose 0.2 per cent to $1,303.92 per ounce in intraday trade.
US gold futures gained 0.1 per cent to $1,303.80.4.
Tracking overall trend, silver ready too moved down by Rs 345 to Rs 38,725 per kg and weekly-based delivery by Rs 477 to Rs 37,865 per kg.
Silver coins dropped by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.( Rupee hits 7-month high, rises past 69 against dollar)5.
Meanwhile, trade deficit narrowed to $9.60 billion in February, dragged down by a fall in gold and oil imports, the trade ministry said.
Gold imports in February fell 10.81 per cent year-on-year to $2.58 billion.(With agency inputs)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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