Today, gold and silver prices have fallen in India. Gold futures fell on MCX for the fourth time in five days in October. Today it came down by 0.27 percent to Rs 49,771 per 10 grams. Silver futures on MCX fell 0.5 percent to Rs 59329 per kg.
Gold became cheaper by Rs 2,000 this week
In the previous session, gold prices rose by 0.64 percent, or Rs 300, while silver by 1.8 percent, ie Rs 1060 per kg. Gold and silver prices have fallen drastically in India this week. This week, gold has become cheaper by Rs 2,000 per 10 grams and silver by Rs 9,000 per kg.
Price is so high in global markets
In global markets, gold remained under pressure due to the strong dollar. Spot gold fell more than 4 percent this week. Today it lost 0.2 percent to $ 1,864.47 an ounce. Among other precious metals, silver fell 1.1 percent to $ 22.95 an ounce, platinum was down 0.3 percent at $ 846.72, and palladium flat at $ 2,226.44.
The dollar index was up 1.5 percent this week, the best level since the beginning of April. A strong dollar makes gold more expensive for holders of other currencies.
Kotak Securities said the US stimulus package has been delayed, political wrangling over the appointment of Supreme Court justices in the US, mixed economic data from major economies, US-China tensions, and Brexit uncertainties have affected prices.