Gold Silver Price : Gold futures became cheaper, know how much you will have to pay for 10 grams
Today on Wednesday, the futures price of gold and silver declined in the domestic market. On MCX, gold futures fell 0.55 percent to Rs 47,360 per 10 grams. Talking about silver, it fell 0.7 percent to Rs 63051 per kg. The yellow metal is still down by Rs 8840 from last year's high (Rs 56,200 per 10 grams). In the previous session, gold had closed flat and silver had gained about one percent.
So much is the price in the global market
In the global markets, gold prices declined today due to a rise in the US dollar. Spot gold prices fell 0.4 percent to $1,796.03 an ounce today. The dollar index was trading 0.16 percent higher at 93.052. Silver fell 0.4 percent to $23.73 an ounce. On the other hand, platinum fell 0.5 percent to $1005.97.
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 0.2 percent to 1,004.63 tonnes on Tuesday as against 1,006.66 tonnes on Monday. 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.
Traders and investors are cautious amid growing concerns about the spread of the delta variant. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal. Investors withdrew over Rs 61 crore from gold ETFs in July. India is the largest gold importer country in the world.