Due to the fall in the global markets, the price of gold fell in the Indian markets for the third day today. After two days of continuous decline, gold futures on MCX fell by 0.01 percent to Rs 46,464 per 10 grams, while silver futures saw a rise of 0.2 percent and silver was at Rs 66,300 per kg.
So the decline
Gold fell 0.41 percent in the previous session, while silver fell 1.3 percent. So far in this year, gold has seen a fall of three and a half thousand rupees. Gold prices weakened today amid the US bond yield and a strong dollar in global markets. Gold achieved a record high of 56,200 in August last year. Gold is 10 thousand rupees cheaper than the record level. The rupee lost more than two percent last week. This is the biggest weekly decline since 30 August 2013.
India is the largest importer of gold
India is the world's largest importer of gold. Gold is mainly imported to meet the demand of the jewelry industry. India imports 800 to 900 tonnes of gold annually by volume. Let us know that the decline in gold prices has been seen for the third consecutive day.