Gold and Silver prices drop owing to weak demand

New Delhi: Gold prices on Friday tumbled Rs 102 to Rs 38,856 per 10 gram in the national capital on subdued demand.

Gold for 24 karat had closed at Rs 38,958 per 10 gram in the previous trade, according to HDFC Securities.

In-line with weakness in gold, silver prices also dropped Rs 815 to Rs 44,949 per kg from Rs 45,764 per kg on Thursday.

Meanwhile, the rupee on Friday appreciated by 6 paise to 71.70 against the US dollar in opening trade.

In the international market, both gold and silver were trading with marginal gains. Gold was quoting slightly higher at USD 1,467 per ounce and prices of silver at USD 17.15 an ounce.

"Gold prices traded steady at USD 1,467 per ounce on Friday after witnessing selling on Thursday evening session," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

According to Hareesh V, Head of Research, Geojit Financial Services, "Uncertainty over US–China trade deal has been the main driver of gold prices recently".