Gold prices in Delhi today: In a good news for jewellery buyers, gold and silver prices have fallen by more than Rs 500 in 1 week in New Delhi following the lower demand from local jewellers and subdued global cues. In the span of one week from last Saturday, gold prices have declined by Rs 560 to Rs 31,090 from a level of Rs 31,650 per 10 grams while silver prices have reduced by Rs 585 to Rs 39,915 from a level of Rs 40,500 per kilogram at the New Delhi bullion market. Today only, gold prices slid by Rs 25 to Rs 31,090 per 10 gram whereas silver prices fell by Rs 115 to Rs 39,915 per kilogram.
The dip in the prices of precious metals is largely due to the ongoing trade tariff battle between the world’s largest economies — the United States and China. A weak overseas trend when metals’ prices slid to seven-month lows as the US dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here, PTI said in a report. The prices of precious metals such as gold, silver have been under pressure after the US Federal Reserve has hinted at further hikes in the benchmark lending rates. Erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, PTI reported citing unidentified dealers.
In the international markets, gold prices shed 0.47% to $1,241 per ounce while silver price dip 0.88% to $15.79 per ounce in New York on Friday. The prices of sovereign held steady at Rs 24,800 per piece of eight gram. In line to the plunge in gold and silver prices, the prices of silver coins fell by Rs 1,000 to Rs 74,000 for buying while for selling, prices remain stable at Rs 75,000 per 100 pieces.