Sovereign gold held steady at Rs 26,700 per eight grams

Gold prices rose by Rs 110 to Rs 33,730 per 10 grams on Monday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver, however, declined by Rs 500 to Rs 37,850 per kg on reduced offtake by industrial units and coin makers. The rise in gold prices came due to pick up in demand from local jewellers in the domestic spot market, but a weak trend overseas capped the gains, traders were quoted as saying in the PTI report.

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

1. Globally, gold prices skidded 1 per cent on Monday, retreating from a 14-month peak hit in the previous session after an agreement between the United States and Mexico to avert a tariff war crimped safe-haven demand for the metal, reported news agency Reuters.

2. Spot gold was down 1 per cent at $1,327.32 per ounce in intrday trade. In the previous session, the bullion hit its highest since April 19, 2018 at $1,348.08 an ounce. US gold futures also fell 1 per cent, to $1,332.10 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 110 each to Rs 33,730 per 10 grams and Rs 33,560 per 10 grams, respectively.

4. Sovereign gold held steady at Rs 26,700 per eight grams. On Saturday, gold had risen by Rs 200 to Rs 33,620 per 10 grams.

5. Silver ready fell by Rs 500 to Rs 37,850 per kg, while weekly-based delivery slumped by Rs 517 to Rs 36,827 per kg. Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With agency inputs)