Gold prices just dipped below Rs 32,000-mark; check out rate in Delhi

Gold prices started weak on a tepid note with the prices dipping below the Rs 32,000-mark on Monday. The yellow metal shed Rs 100 to Rs 31,950 per ten grams at the bullion market amid weak global cues and fall in demand from local jewellers. Silver followed suit and cracked below the Rs 41,000-mark by plunging Rs 650 to Rs 40,450 per kg.

Sentiment turned negative largely in line with a weak trend overseas amid slump in demand from local jewellers and retailers at prevailing higher levels at domestic spot market, traders told PTI.

Besides, an appreciating rupee against the US dollar made the imports cheaper, weighing on the prices, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 100 each to Rs 31,950 and Rs 31,800 per ten gram respectively. It had gained Rs 450 in the previous four sessions.

Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

Silver ready also drifted down by Rs 650 to Rs 40,450 per kg, while weekly-based delivery advanced by Rs 125 to Rs 40,535 per kg on speculative buying.

Silver coins, however, continued to be traded at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Overseas, gold traded steady with investors awaiting key central bank policy meetings and the United States-North Korea summit this week for direction. Spot gold was steady at $1,297.75 per ounce, while US gold futures for August delivery were 0.1 per cent lower at $1,301.60 per ounce.

Markets are keeping a close eye on the historic summit between Trump and North Korean leader Kim Jong Un in Singapore on Tuesday.

All eyes are on the US Federal Reserve too whose Federal Open Market Committee (FOMC) will start its two-day meeting on Tuesday, where it is anticipated to raise US interest rates. The European Central Bank (ECB) and Bank of Japan`s policy meetings are also due this week.