Gold Prices Recede From Record High: 10 Things To Know

Gold prices on Monday fell by by Rs. 100 to Rs. 38,570 per 10 grams in Delhi, news agency Press Trust of India (PTI) reported. The yellow metal fell on weak trend overseas and tepid demand from jewellers, according to the All India Sarafa Association. Gold had reached its all-time high mark of R

s. 38,670 per 10 grams on Saturday. Silver prices also edged lower by Rs. 50 to Rs. 45,000 per kilogram due to reduced offtake by industrial units and coin makers. The fall came on easing demand from local jewellers.

Here are 10 things to know about gold and silver prices today:

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity fell by Rs. 100 to Rs. 38,570 and Rs. 38,400 per 10 grams, respectively.
2. However, sovereign gold held steady at 28,800 per eight grams.
3. Globally, gold prices slipped on Monday due to a stronger US dollar and a recovery in equities, as hints of more stimulus from major central banks around the world eased concerns about a recession, reported news agency Reuters.
4. Gold witnessed selling on positive market sentiment as the rise in global equity indices underpinned demand for safe haven assets, PTI quoted Tapan Patel, senior analyst (commodities), HDFC Securities as saying.
5. Global equity markets traded firm as Germany and China signalled stimulus measures to support economic recovery, Mr Patel added.
6. Spot gold was down 0.5 per cent at $1,505.98 per ounce in intraday trade. 
7. US gold futures also fell 0.5 per cent to $1,516.80 an ounce.
8. Silver ready dropped by Rs. 50 to 45,000 per kg, while weekly-based delivery fell by Rs.289 to Rs. 43,535 per kg. 
9. Silver coins held flat at Rs. 91,000 for buying and Rs. 92,000 for selling of 100 pieces.
10. On Saturday, gold had risen by Rs. 250 to Rs. 38,670 per 10 grams, while silver gained by Rs. 362 to Rs. 45,050 per kg.