Gold and silver price declined in the domestic market today in India also due to weak global trends. Gold futures on MCX fell 0.03 percent to Rs 48,501 per 10 grams, while silver futures fell 0.5 percent to Rs 59,570 per kg. In the previous session, the price of gold slipped 0.11 percent and silver ended flat. In line with the fall in global rates, gold rates in India have come down by about Rs 1,700 per 10 grams in the last five days.
Price so low on global markets
In the global markets, gold fell 0.3 percent to $ 1,810.44 an ounce. For the week, gold has been down more than three percent on the news of the progress of the Kovid-19 vaccine. Among other precious metals, silver fell 0.9 percent to $ 23.25 an ounce, while platinum fell 0.1 percent to $ 961.18 and palladium gained 0.3 percent to $ 2,391.19.
In this context, Jatin Trivedi, Senior Research Analyst (Commodity and Currency) at LKP Securities, said the weak US dollar, partial lockdown in Europe due to the Coronavirus epidemic, and rising Covid-19 cases in the US have affected the gold price.
India is the second-largest buyer of gold
Gold imports in India increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. 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.