Gold and silver prices fell drastically in India today amid falling global rates. Gold futures on MCX declined by 0.85 percent to Rs 51391 per 10 grams, while silver futures fell 1.4 percent to Rs 67798 per kg. Gold had gained 0.1 percent in the previous session, while silver had closed flat.
Reserve Bank of India Governor Shaktikanta Das said in a program on Wednesday that gold prices have fallen in the country after reaching a higher level in the first week of August 2020 due to the prospects of economic recovery.
Price in the global market
In the global market, gold prices fell today due to the strong US dollar. But gold was supported at lower levels by the Federal Reserve's decision to keep the interest rate near zero for the next few years and concerns over the global economic recovery.
Today, spot gold fell 0.3 percent to $ 1,954.42 an ounce, after the nearly a two-week high of $ 1,973.16 in the previous session. Among other precious metals, silver fell 0.8 percent to $ 27 an ounce, while platinum fell 0.9 percent to $ 959.58.
The dollar index climbed 0.4 percent against its rivals, making gold more expensive for holders of other currencies. Federal Reserve policymakers have indicated that the short-term interest rate will likely remain zero for at least 2023 or longer.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holding since July 31 fell by 0.42 tonnes to 1247.569 tonnes.