Gold prices steady today but silver rates inch up
A strong yuan makes gold cheaper for world's leading gold consumer, China
Spot gold prices rose 0.2% to $1,330.48 per ounce while US gold futures were steady at $1,333
NEW DELHI: Subdued demand kept gold prices flat today in domestic market while silver rates edged up on pickup in offtake by industrial units and coin makers. Gold rates today ruled flat at ₹34,590 per 10 gram on scattered demand, Press Trust of India reported, citing All India Sarafa Association. However, silver prices edged up by ₹100 to ₹41,600 per kg. On Saturday, gold prices had gained ₹90.
In Delhi, gold of 99.9% and 99.5% purity ruled flat at ₹34,590 and ₹34,440 per ten gram, respectively. Sovereign was also unaltered at ₹26,600 per piece of eight gram.
Silver ready traded higher by ₹100 to ₹41,600 per kg, while weekly-based delivery advanced by ₹122 to ₹40,390 per kg. Silver coins however weakened by ₹1,000 to ₹82,000 for buying and ₹83,000 for selling of 100 pieces.
In global markets, gold prices rose today as the dollar fell against the yuan after US President Donald Trump said he would delay an increase in tariffs on Chinese goods, while palladium surged to a record high.
Spot gold prices rose 0.2% to $1,330.48 per ounce while US gold futures were steady at $1,333.
A strong yuan makes gold cheaper for world's leading gold consumer, China.
Trump said on Sunday that he would delay an increase in tariffs on Chinese goods that had been scheduled for later this week, citing "substantial progress" in Sino-U.S. trade talks over the weekend, and that he and his Chinese counterpart would meet to seal a deal if progress continued.
“Hopes over resolution of the trade war might support gold. However, prices might be pressurized by possibility of another rate hike in 2019 which has pushed the dollar higher," domestic brokerage Angel Broking said in note. (With Agency Inputs)