Sovereign gold held steady at Rs 27,300 per eight grams

Gold prices were unchanged on Monday at Rs 35,470 per 10 grams after rising for two consecutive days post Budget announcement of imposition of higher custom duty, reported news agency Press Trust of India (PTI). In the Budget for the current financial year, the government proposed to increase custom duty on gold and other precious metals to 12.5 per cent from current 10 per cent. On Saturday, the yellow metal had surged by Rs 670 to Rs 34,470 per 10 grams after rising by Rs 590 on the Budget day.

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

1. Globally, gold prices rose on Monday, shaking off early losses to consolidate above the $1,400 pivot, as focus shifted to global growth concerns and interest rate cuts by major central banks, reported news agency Reuters.

2. Spot gold was up 0.5 per cent at $1,406.79 per ounce, in intraday trade. US gold futures climbed 0.6 per cent to $1,408.90 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity traded flat at Rs 35,470 per 10 grams and Rs 35,300 per 10 grams, respectively, according to the All India Sarafa Association.

4. Sovereign gold held steady at Rs 27,300 per eight grams.

5. Meanwhile, silver ready gained by Rs 148 to Rs 38,948 per kg, while weekly-based delivery zoomed Rs 808 to Rs 38,093 per kg. Silver coins traded higher by Rs 1,000 at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces, respectively.

(With agency inputs)