New Delhi: Gold prices have weakened by Rs 400 to reach a nearly three-week low of Rs 38,970 per ten grams on Tuesday in the bullion market, amid the slowdown in gold internationally. Silver also dropped by Rs 100 to Rs 48,000 per kg. Gold has declined for the fourth consecutive day. In these four days its price has come down by Rs 1,500.
At the same time, the price of silver has decreased for the fifth consecutive day. Silver has become cheaper by Rs 3,600 in five days. According to information received from London and New York, gold spot weakened by $ 3.05 to $ 1,495.25 an ounce. December gold futures also declined by $ 9.30 to $ 1,501.80 an ounce. Market analysts have said that the yellow metal has weakened for the fourth consecutive day due to increased expectations for a trade war between the US and China.
The lure of gold as a safe investment has diminished due to investors' confidence returning to the risky capital market. Internationally the silver spot held at $ 17.95 an ounce. In the local market, gold fell by Rs 400 to Rs 38,970 per ten grams, which is the lowest level since August 21. Sona bitur also became cheaper at Rs 38,800 per ten gram.