Gold and silver prices fell on Tuesday in domestic markets. On the Multi Commodity Exchange (MCX), December gold futures fell by Rs 450, or 0.9%, to Rs 49,051 per 10 grams and silver futures rose 0.9% or Rs 550 to Rs 59,980 per kg. In the previous level, gold was slipped by Rs 750 or 1.5% per 10 grams and silver by Rs 1,628 or 2.6% per kg.
In August, gold prices saw a record high of Rs 56,200, but gold prices are slowly weakening.
Globally, the gold spot fell 0.6% to $ 1,824.91 an ounce at 0332 GMT. It had fallen to 2.2% on Monday to hit a four-month low. US gold futures were down 0.8% at $ 1,823.90. Silver fell 1% to $ 23.35 an ounce.
Gold prices may again rise and the demand for gold in India increases a lot during the wedding season.