Gold Prices Fall, Silver Rates Rise: 5 Things To Know

NDTV Profit Team

20 Aug 2018, 05:58 PM IST

Gold Prices Today: Standard gold prices fell by Rs 55 to end at Rs 29,315 per 10 grams.

Domestic gold prices declined on Monday while silver prices gained moderately. In the international markets, however, gold prices recovered from the 19-month low levels hit last week. "Although it has been a tough time for countries due to trade war related matters, the safe haven demand for gold has not gone up," said Jigar Trivedi, fundamental research analyst-commodities, Anand Rathi Commodities. On Saturday, gold prices had fallen by Rs. 90 to Rs. 30,250 per 10 grams due to weak local demand.

Here are five things to know about gold, silver trade today:

1. Gold prices fell by Rs 55 per 10 grams at the bullion market in Delhi following subdued demand from stockists and local jewellers, news agency Press Trust of India reported.

2. Standard gold (99.5 per cent purity) prices fell by Rs 55 to end at Rs 29,315 per 10 grams from Thursday's level of Rs 29,370. Pure gold (99.9 per cent purity) also moved down by a similar amount to finish at Rs 29,465 per 10 grams as against Rs 29,520 earlier.

3. Silver prices recovered modestly by Rs 85 per kg due to renewed demand from industrial units. Silver (.999 fineness) rose by Rs 85 per kg to conclude at Rs 36,875 as compared to Rs 36,790, previously.

4. In global markets, spot gold was up 0.3 per cent at $1,187.51 an ounce at 4:34 pm after Thursday's dip to $1,159.96, the lowest since January 2017, news agency Reuters reported. US gold futures were up 0.8 per cent at $1,194.10 an ounce. Gold has tumbled 13 per cent from an April high as the dollar powered higher against the yuan and other currencies, raising the cost of dollar-priced bullion outside the United States.

5. "The second half of the week will be an important one for traders as Wednesday US will release Federal Reserve's policy meeting's minutes. Thursday onwards central bankers around the world will gather for annual meet at Jackson Hole. Since prices have fallen significantly these days, we don't rule out possibility of a short covering. On upside Rs. 29,560 is a good resistance," said Mr Trivedi. (With inputs from agencies)