Gold and silver prices fall again

Gold prices fell by Rs 450 ($6.35) to reach Rs 34,200 for ten grams on the bullion market due to a drop in both local and international demand. Silver also followed suit with prices falling by Rs 425 to Rs 41,050 per kilogram.

The Press Trust of India reported that gold and silver prices fell again on the bullion market on February 28. Gold of 99.9 percent and 99.5 percent purity both fell by Rs 450 to Rs 34,200 and Rs 34,030 per ten grams. However, sovereign gold prices did not change and rested at Rs 26,000 per eight gram piece. On the global market, gold fell by 0.1 percent to $1,319.10 per ounce in New York.

The All India Sarafa Association cited a fall in demand from local jewellers as a reason why gold prices fell. Global demand for gold was also down due to a rise in the value of the US dollar caused by the ongoing US trade talks with China.

Silver was down due to lower demand from industrial units and coin makers. Silver ready fell in value by Rs 425 to reach Rs 41,050 per kilogram and weekly based delivery of silver also fell by Rs 262 to Rs 39,868 per kilogram. Silver coins also fell in value. However, silver prices remained the same on the global market at $15.80 per ounce in New York.

Gold and silver prices fall again

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