Gold Silver Price : Gold futures became cheaper for the third consecutive day, silver also fell, know the price
On Wednesday, the futures price of gold and silver declined in the domestic market amid the rise in the rupee against the dollar. Gold futures on MCX fell for the third consecutive day to Rs 47,095 per 10 grams. Talking about silver, it fell 0.33 percent to Rs 63,156 per kg. Gold prices have been fluctuating this month. It had hit a four-month low of Rs 45,600. The yellow metal is still down by Rs 9105 from last year's high (Rs 56,200 per 10 grams). Continuing its recent rally, the rupee on Tuesday edged higher by 29 paise to close at a near 12-week high of 73 against the US dollar. Gold prices in India include 10.75 percent import duty and three percent GST.
So much is the price in the global market
Gold remained flat in the global markets today. Spot gold was trading at $1,813.93 an ounce. Among other precious metals, silver was trading at $23.88 an ounce. On the other hand, platinum was up 0.3 percent at $1015.49. It is known that traders and investors are cautious amid growing concerns about the spread of cases of the delta variant. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal. Gold is seen as a hedge against inflation and currency depreciation.
Gold ETFs are based on the price of gold
The holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund or gold ETF, fell to a four-month low of 1,000.26 tonnes. Gold ETFs are based on the price of gold. The price of the yellow metal fluctuates only on the fluctuations in its price. It should be noted that ETF inflows reflect weak investor interest in gold. A stronger dollar makes gold more expensive for holders of other currencies.