Today, the price of gold and silver rose in India, whereas in the last trading session it saw a sharp decline. Today, futures on MCX rose 0.4 per cent to Rs 51,532 per 10 grams, while silver futures rose 0.6 per cent to Rs 68,350 per kg.
There was a sharp decline in the last session
In the previous session, the futures price of gold had fallen by one percent i.e. around Rs 500, while silver had slipped by 1.5 percent to Rs 1050 per kg. After reaching a record high of 56,200 last month, gold price fluctuations have been observed in India.
Price is so high in global markets
Gold prices in global markets were flat today. Spot gold remained flat at $ 1,941.11 an ounce. Among other precious metals, silver fell 0.3 percent to $ 26.68 an ounce while platinum rose 0.4 percent to $ 928.61. Gold investors are cautious in view of the monetary policy decisions of the US Federal Reserve later this week.
The dollar index saw a decline. The weaker US dollar makes gold cheaper for holders of other currencies. Gold traders will focus on the two-day policy meeting of the US central bank to be held on September 15-16.
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. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holding fell 0.4 percent to 1,248.00 tonnes on Friday.
Gold dealers in India offered discounts for the fourth consecutive week, as demand began to decline as the 'Shraddh' period began. This is because buying gold in India during Shraddha is considered inauspicious. 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.