Today, gold prices in India decreased due to volatility in global markets. October gold futures on MCX fell by 0.14 percent to Rs 52,175 per 10 grams. This is the second decline in three days. Talking about silver, silver futures on MCX rose by 0.4 percent to Rs 67050 per kg. In the previous session, gold prices had risen by 0.7 percent or 350 percent. On Tuesday, gold futures on MCX had fallen by about six percent, ie Rs 3,200 per 10 grams.
In global markets, gold prices rose today. Spot gold is trading up one percent at $ 1,936.29 an ounce today. Futures for December delivery on Comex in New York were down one percent to $ 1,930.40. Last week, gold hit a high of $ 2,075.47.
Silver for immediate delivery rose 0.3 percent to $ 25.5884 an ounce, with a 2.9 percent gain on Wednesday and a 15 percent drop on Tuesday.
Weak US dollar and concerns over global economic recovery boosted demand for the safe-haven metal. Kotak Securities said in a note that the price of gold is rising due to increasing cases of coronavirus globally. At the same time, political tension over US-China tensions and additional stimulus measures in the US has also affected prices.
The dollar index fell 0.2 percent against its rivals, making gold less expensive for holders of other currencies. Gold is seen as a hedge against inflation. Despite the recent price fluctuations after Russia's announcement of the world's first COVID-19 vaccine, many analysts are still predicting a rise in the price of gold. Large stimulus measures support gold, which is often considered a hedge against inflation.