Sovereign gold, however, held steady at Rs 26,800 per eight grams

Gold prices fell marginally by Rs 20 to Rs 34,120 per 10 grams on Tuesday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver prices fell by Rs 70 to Rs 38,500 per kg on reduced offtake by industrial units. Gold prices declined due to easing in demand from local jewellers, the report said citing traders. On Tuesday, the prices of yellow metal fell by Rs. 130 to Rs. 34,140 per 10 grams.

Here are five things to know about gold and silver rates today:

1. Globally, gold prices gained on Tuesday after a steep fall in the previous session, as investors fretted about an economic slowdown amid weak global manufacturing data and US-European trade ructions, reported news agency Reuters.

2. Spot gold was up 0.6 per cent at $1,392.91 per ounce in intraday trade, after falling 1.8 per cent in the previous session, its biggest one-day percentage decline since November 2016. US gold futures were up 0.4 per cent to $1,395 an ounce.

3. "The decline in China Manufacturing PMI followed by weak US manufacturing PMI supported buying in gold prices with markets focusing on key fundamentals rather than tweets and comments on trade talks," Press Trust of India quoted Tapan Patel, senior analyst (commodities), HDFC Securities, as saying.

4. In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 20 each to Rs 34,120 and Rs 33,950 per 10 grams. Sovereign gold, however, held steady at Rs 26,800 per eight grams.

5. Silver ready prices declined by Rs 70 to Rs 38,500 per kg, while weekly-based delivery reduced by Rs 158 to Rs 36,999 per kg. Price of silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With agency inputs)