Gold prices fall after rising for two days, silver surges

New Delhi-India (Sept 26)  Gold prices today edged down by Rs 75 to Rs 31,650 per 10 grams, snapping a two-day rising streak, following a weak global trend and slowing demand from local jewellers, PTI reported. Global gold prices held steady as investors were cautious ahead of the conclusion of US Federal Reserve’s two-day meeting. In Delhi, gold rates of 99.9% and 99.5% purity fell by Rs 75 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. The metal had gained Rs 275 in the previous two days. Sovereign gold, however, pegged at previous level of Rs 24,500 per piece of eight grams in scattered deals.

In global markets, spot gold rate was little-changed at $1,200.43 per ounce, having moved in a narrow $4 range during the session and testing key resistance at $1,200. US gold futures were flat at $1,204.70 an ounce. Gold prices dropped about 12% since hitting a peak in April.

Silver rates, on the other hand, surged by Rs 460 to Rs 38,750 per kg on the back of increased offtake by industrial units and coin makers, added the report. Silver ready surged by Rs 460 to Rs 38,750 per kg and weekly-based delivery by Rs 535 to Rs 38,260 per kg. Silver coins remained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

The rupee strengthened marginally against the US dollar ahead of the US Fed’s policy decision. At 4.46 pm, the rupee was trading at 72.57, up 0.17% from its previous close. So far this year, the rupee has declined 12%. The dollar index, which weighs the greenback against a basket of six major currencies, was almost flat at 94.117.

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