Today, the price of gold in India rose for the second consecutive day. Gold futures on MCX rose by 0.43 percent to Rs 51,910 per 10 grams. Along with this, silver also became expensive. Silver futures rose 0.78 percent to Rs 69,503 per kg on MCX. In the previous session, gold futures jumped by 0.75 percent per 10 grams, while silver gained 1.6 percent, or about Rs 1,100 per kg. Despite a two-day rise in gold, it is well below the previous month's high of Rs 56,200 per 10 grams.
Price is so high in global markets
It remained flat today after a sharp rise in the price of gold in the global markets in the previous session. Spot gold remained flat at $ 1,956.17 an ounce today after rising one percent on Monday.
Among other precious metals, silver slipped 0.1 percent to $ 27.12 an ounce, platinum saw a slight change to $ 954.50, while palladium lost 0.2 percent to close at $ 2,308.81.
Investors were cautious ahead of the two-day monetary policy meeting of the US Federal Reserve starting today. Gold traders are eyeing stimulus measures and inflation targets. The dollar index remained stable today after a sharp decline in the previous session. A weaker US dollar makes gold less expensive for holders of other currencies. Gold is mostly used as a safe deposit in times of political and financial uncertainty.
30 percent increase in price so far
Since the beginning of this year, gold prices in India have risen by about 30 percent amidst steps taken by central banks and governments worldwide. India is the second-largest buyer of gold after China. Gold attracts 12.5 percent import duty and three percent GST on gold in India.