New Delhi: Gold prices today snapped a four-day rally when it declined marginally amid subdued demand from local jewellers. Gold rates today fell Rs 40 to Rs 33,030 per 10 gram at the bullion market, Press Trust of India reported, quoting All India Sarafa Association said. Tracking gold, silver rates dipped Rs 60 to Rs 40,450 per kg on weak demand from industrial units and coin makers, the report said. Gold rates had gone up by Rs 570 in previous four days.
In Delhi, gold of 99.9% and 99.5% purities today declined by Rs 40 each to Rs 33,030 and Rs 32,880 per 10 gram, respectively. However, sovereign gold held steady at Rs 25,300 per piece of eight gram. Silver-ready reduced by Rs 60 to Rs 40,450 per kg, while weekly-based delivery gained Rs 66 to Rs 39,766 per kg. Silver coins traded lower by Rs 1,000 at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces, respectively.
In global markets, gold prices rose today, remaining on track for a fourth straight weekly gain. The drop in dollar’s value against other major currencies and expectations that Fed would go slow on rate hikes supported gold prices.
Gold prices were also was also supported by increasing market nervousness over US President Donald Trump’s unbending demand for a wall to be built on the border with Mexico. Spot gold rose 0.5% to $1,292.92 an ounce. The dollar index, which measures the greenback’s strength against a basket of six currencies, has fallen more than 2% since mid-December.
Globally, gold, which is used as a safe-haven investment during times of economic and political uncertainty, is up about 0.6% for the week.
Meanwhile, Goldman Sachs has raised its price forecast for gold, predicting that over 12 months the metal will climb to $1,425 an ounce - a level not seen in more than five years.
(With Agency Inputs)